Cairo – Mubasher: MAK Investments Holding, a subsidiary of Mohammed Abdulmohsin Al Kharafi and Sons Company (MAK Group), signed a contract to build a new Mövenpick hotel in Port Ghalib on the Red Sea’s western shore.

With total investments of EGP 500 million, the new hotel is scheduled for completion within two years, according to a statement by the Egyptian General Authority for Investment and Free Zones (GAFI) on Tuesday.

In a separate statement, MAK revealed that Port Ghalib consists of three phases, spanning over 30 million square meters, with expected investments of EGP 2 billion.