Cairo – Mubasher: Amer Group Holding Co on Sunday announced that it was set to open Porto Said Hotel in the first quarter of 2019.

The company’s chairman and board members have discussed ongoing projects and sales last Thursday, according to a statement to the Egyptian Exchange (EGX).

In April, Amer Group said that one of its subsidiaries had signed a contract to build a commercial tourism residential project in the western gate of Port Said with an around EGP 3 billion in investments.

The project will include an international hotel and residential units, in addition to commercial and entertainment services, with a capacity of 4,000 rooms.

Amer Group previously posted a 15% year-on-year drop in consolidated profits for the first nine months of 2018 at EGP 70.8 million, versus EGP 83.7 million.

The EGX-listed real estate company’s revenues fell to EGP 1.31 billion during the nine-month period ended 30 September 2018 from EGP 1.63 billion in the same period a year earlier.