By: Abdallah Bedier

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) is planning to invest around EGP 10.5 billion in two Four Seasons Hotels, one of which is located in New Cairo’s Madinaty and the other is in Sharm El Sheikh.

The Egyptian real estate firm will build a Four Seasons Hotel in Madinaty at EGP 6 billion in investments, managing director Hisham Talaat Moustafa told Mubasher on the sidelines of Cityscape Egypt conference.

The hotel is currently being designed and is set to be executed within the coming three months, Moustafa said.

The property developer will also pump EGP 4.5 billion into Four Seasons Sharm El Sheikh, he added, noting that 60% of the hotel has already been completed.

The Sharm El Sheikh hotel is scheduled to open by the end of 2019 and will be the largest Four Seasons hotel in the world, TMG's top official highlighted.

As for the Madinaty project, which TMG is famous for, almost 60% of it has been developed with investments of approximately EGP 200 billion so far, the chairperson revealed, noting that the number of residents has reached around 300,000 people.

The Madinaty project is projected to reach 700,000 people upon completion, Moustafa added.

Last year, TMG Holding announced the expansion of the Four Seasons Resort Sharm El Sheikh in collaboration with Riyadh-based Kingdom Holding Company (KHC).

Translated by: Mai Ezz El-Din