Cairo – Mubasher: An Egyptian court has ruled that Misr Hotels does not have to make any payments to the Ministry of Finance in consideration of the usufruct right over the land on which Nile Hilton Hotel has been established for the period ended 1999. 

The Ministry of Finance will not receive the claimed amount of EGP 263 million in return for the usufruct right of the said land from the period of 1975 to 1999, Misr Hotels said in a statement to the Egyptian Exchange (EGX) on Wednesday.

During fiscal year 2018/2019, Misr Hotels logged a profit of EGP 176.39 million, up from EGP 149.7 million in FY17/18.