Attia: “Misr Hotels” is an initiative to support the tourism sector with a value of 10 million pounds
Seeking a company Egypt for hotels To convert to profitability during the current fiscal year and the opening of the Dahab Hotel during the first half of this year.
Amr Attia, Chairman of Misr Hotels Company, revealed his company’s intention to open the “Safir Hotel” in Dahab during the first half of this year.
He added to the “Stock Exchange” that the company benefited from the Central Bank’s initiative to support the tourism sector with total loans from the National Bank of Egypt worth 10 million pounds with reduced interest, pointing out that the last amount was directed to complete operations at the Dahab Hotel.
And about “Corona”, Attia believes that the whole thing depends on the improvement of tourism movement, and the start of the flight return again, as the company continues to reduce expenses.
Egypt Hotels announced last July that it was targeting the implementation of investments worth 166 million pounds. The current fiscal year includes replacing and renovating the Nile Ritz-Carlton, with a value of 59 million pounds, and developing the Safir Dahab Resort Hotel at about 104 million pounds.
Amr Attia stressed that these scenarios are subject to modification according to any developments in the tourism sector, and the company may not resort to any of them and continue with its current plans.
Misr Hotels Company turned into a loss of 67.8 million pounds during the first fiscal quarter of 2020-2021, compared to a net profit of 61.66 million pounds in the corresponding quarter of the last fiscal year.
The revenues declined to reach 17.6 million pounds during the three months ending last September, compared to a total revenue of 109.4 million pounds in the comparative period of the fiscal year 2019-2020.
The article “Egypt Hotels” to open the “Dahab Hotel” in the first half of 2021 was written in Al-Borsa newspaper.