Caro – Mubasher: Pyramisa Hotels and Resorts is looking to establish a tourist resort near the Grand Egyptian Museum with preliminary investments of EGP 500 million.

The Egypt-based company aims to get the approval of the agriculture and the defence ministries to build the resort, chairman Magdy Azab told Almal News.

The agricultural ministry had declined the project last year as the land where the project is planned to be constructed on had been depicted as agricultural land.

Pyramisa Hotels is determined to finance the project through its own source and is currently considering partnering up with one of the real estate developers, Azab added.

He noted that the company has allocated around EGP 500 million for the maintenance and development of its hotels in Cairo, Aswan, Luxor, Sharm El Sheikh, and Sahl Hashish next year.