Cairo – Mubasher: Emaar Misr for Development has signed contracts with Hassan Allam Holding and Orascom Construction Plc to build two hotels on the North Coast in Egypt.

Under an EGP 1.207 billion contract, Hassan Allam will construct a five-star hotel under the name of the international hotel operator 'The Address' with 292 rooms and suites at Marassi village in the North Coast, according to a bourse filing on Thursday.

Meanwhile, Emaar Misr agreed with Orascom Construction to establish a four-star hotel with 214 rooms and suites at a total value of EGP 975 million.

The hotel will be built under the name of the international hotel operators 'Vida'.

Both hotels are expected to be operated in 2023.

It is noteworthy to mention that in the first nine months of 2020, Emaar Misr registered a 62% year-on-year (YoY) leap in its net profits, logging EGP 1.02 billion, compared to EGP 628.99 million, including minority shareholders’ rights.