Thanks to a recovered political stability, state led initiatives and the new investment law, the tourism sector in Egypt is expect to pick up in 2017, further inflating the demand for new hotels and resorts. Cairo holds the record of construction activities in Egypt and the construction sector is expected to grow further in the coming years.
Actually, Egypt will soon be home to the world’s largest Four Seasons hotel with the addition of 800 rooms to an existing resort in Sharm El Sheikh that will almost double its size to 1,400 keys.
Saudi billionaire Prince Alwaleed bin Talal is investing $800mn to expand the resort in the popular Red Sea tourist destination.
The news was announced just a few weeks after the Egyptian Parliament ratified a new law intended to attract investment to Egypt’s tourism and construction sectors.
According to the latest BNC Network report, there are over $335bn worth of active construction projects in the country, 5% of which belong to the hospitality sector.
There are approximately $5.3bn worth of hospitality projects in Egypt today, 70% of which are in the initial stages of construction, says the report, which is titled “Egypt Tourism and Hospitality Market Snapshot 2017”.
Beyond the Four-Season resort, other major hospitality projects underway include the Ritz-Carlton Resort in Sharm El Sheikh and the Jumeirah Gamsha Bay Resort in Hurgada.
New hospitality developments are spread across the country, with Cairo’s rapid urban expansion fueling the demand for additional hotels and resorts in the capital city, which already hosts over 20 million people.