The European Bank for Reconstruction and Development (EBRD) has extended a USD 12 mn (EGP 190.1 mn) long-term loan to Al Dau Al Haram for Hotel Operations for the regeneration of a brownfield site into a Hyatt Regency-branded hotel in west Cairo, Invest-Gate reports
Along with the construction of the second Hyatt Regency hotel nationwide, nestled within west Cairo’s Pyramids Heights Business Park, the loan is aimed at promoting the introduction of green technology, while also reinforcing youth and women inclusion in Egypt, as highlighted in a press release in late December.
The funding will also promote advanced environmental sustainability practices in the Egyptian hospitality sector through the installation of energy-efficient technologies at the planned 249-key hotel.
“EBRD and Al Dau Al Haram are assessing further innovative climate-change-related technologies with low market penetration in Egypt that would be eligible for support by the Finance and Technology Transfer Center for Climate Change (FINTECC) program,” read the statement.
Hyatt Regency Cairo West will also offer a tourism training program specifically dedicated to females and young people, backed by the Swiss State Secretariat for Economic Affairs, providing work-based learning opportunities in hospitality and tourism.
“The development of this hotel will address significant inclusion gaps in Egypt, concerning youth unemployment and skills mismatch. It is expected that more than 300 jobs will be directly generated and viable progression routes from training into employment will be created for at least 250 young people,” it added.
Located in proximity to several corporations, landmarks, shopping malls, besides some renowned leisure and cultural attractions such as the Grand Egyptian Museum (GEM) and Giza Pyramids, the in-progress west Cairo hotel aims to be a go-to spot for meetings and conferences, on top of being local and international tourists’ favorite destination.
Upon completion, it will feature seven meeting rooms and a 500-guest grand ballroom, complemented by several outdoor function areas and the latest 360° digital projector technology. That is along with five dinings, a fitness center, an open-air heated swimming pool, and a detached casino.
In late 2019, Egypt’s property developer ALDAU Development had entered into a franchise agreement with an affiliate to Hyatt Hotels Corporation for a Hyatt-branded hotel in west Cairo, marking the return of the hospitality brand to the Egyptian capital, according to a previous statement.
