- Alabbar: We work with our eyes on the future; Investments in the two hotels have reached EGP 3.4 bn.
Cairo, Egypt 31st of January 2021: Emaar Misr, the largest developer of the most prestigious residential communities in Egypt, today laid the foundation stone for its two new hotels, Address Beach Resort and Vida Marina Hotels in Marassi Sidi Abdel Rahman. The two luxury properties, which include the first Vida Hotels + Resorts branch outside the UAE. The ceremony was attended by Mr. Mohamed Alabbar, Founder of Emaar; Engineer Hassan Allam, CEO of Hassan Allam Holding Group, and Engineer Osama Bishai, CEO of Orascom Construction.
The two hotels are the first of nine hotels Emaar Group is set to build at Marassi Sidi Abdel Rahman, developed in line with the Egyptian government’s strategy to develop the North Coast area, which in recent years, has witnessed a boom in investment and urbanization. This necessitates the provision of distinguished hotels that accommodate the occupancy throughout the year. Hassan Allam Holding will undertake the construction works for Address Beach Resort at a cost of EGP 1.2bn, while Orascom Construction will build the EGP 1bn Vida Marina Hotel. This brings the total construction costs of the two hotels to EGP 2.2 bn, next to Emaar’s total investments of EGP 1.2 bn.
During a press conference held to mark the milestone, Mr. Alabbar praised the Egyptian government’s efforts to transform the area into a year-long tourism and work destination from a summer getaway. “This vision for the North Coast is served and complemented by huge tourism projects, including world-class luxury hotels that combine distinctive Arab hospitality with the Mediterranean and North Coast culture, and reflect the beauty of Sidi Abdel Rahman Bay,” he said.
“Despite the Covid-19-linked global economic crisis, the urbanisation and reconstruction of Egypt has not stopped. Egypt is a large tourist destination and its need for hotel rooms is rapidly increasing. Emaar Misr is particularly keen on developing the communities in which it operates and supporting their long-term economic future. We are working in partnership with the Egyptian government to promote new tourist projects that contribute to boosting the Egyptian national income,” he added, noting that Emaar’s total investment in Egypt is currently EGP 200 bn.
Hassan Allam, CEO of Hassan Allam Holding, a leading construction and engineering group headquartered in Cairo, Egypt, serving regional and global clients in the Middle East and North Africa, said “For 85 years, Hassan Allam Holding has been a strategic partner of the Egyptian state in major and national projects. The company also works with the private sector on many promising projects. We are pleased to participate in one of the largest tourism projects in the North Coast area, and to carry out all construction works for the project with a full turn-key agreement or integrated delivery of the project in line with the state’s strategy to pursue the development of the North Coast. Our scope of work includes infrastructure, finishes, and electromechanical works for the Address Beach Resort Hotel in the North Coast, in cooperation with the International Contractors Consortium, in the context of supporting and encouraging domestic and foreign tourism, as one of the most important sources of national income.”
Osama Bishai, CEO of Orascom Construction, said: “We are pleased to collaborate once again with Emaar on one of its major developments. This new project follows Orascom Construction’s successful, fast-track delivery of Emaar’s Vida Al Alamein Hotel, and builds on OC and Emaar’s repeat partner relationship spanning projects such as Mivida and Marassi. It is worth noting that Orascom Construction continues to play a leading role in the development of infrastructure, construction, and important commercial projects on the North Coast, starting from Al Alamein to Marassi.”
Inspired by the nature of Alexandria, the five-star Address Beach Resort will comprise 126 rooms and 166 suites, two swimming pools, private beach, health club, kid’s club and several dining outlets offering guests a variety of international cuisines. Sister property, the four-star Vida Hotel will feature 93 rooms and 122 suites, two swimming pools, health club, kid’s club and dining outlets serving guests with global cuisine options.
Emaar Misr last year opened its first branch of the Address Hotels + Resorts brand outside the UAE at Marassi, in an investment worth EGP 950m. The Address Marassi Golf Resort is located on the 18-hole golf course designed by the famed architect Peter Harradine. This followed a EGP 1.5bn renovation in the historic Alamein Hotel.