Orascom Development Holding (ODH) has announced that occupancy rates of El Gouna’s hotels and residential units hit 100% during the period of El Gouna Film Festival (GFF), to be held from September 19 to 27, Invest-Gate reports.

CEO of ODH Khaled Bichara lauded the news, adding, “This means that the festival is a success every year and has become one of the important destinations for all those interested in cinema, which contributes to the [state’s] efforts to boost tourism.”

Generally, El Gouna’s hotels have registered a positive performance in the past few months, posting EGP 619 mn revenues in the first half of 2019, a 16.5% rise from EGP 531.4 mn in the prior-year period, according to the company’s press release on September 18.

“We still have many ambitious plans for El Gouna, topped by El Gouna Convention and Culture Center, which will host GFF in 2020, as well as Business Park,” the CEO highlighted, noting “Other plans include the expansion of Abu Tig Marina, and in other facilities such as schools and hospitals.”

Bichara further stated that a new real estate project will be announced soon, however, he did not reveal any further details.

El Gouna spans across a total area of 36 mn square meters, with 15 mn square meters only developed so far. “We still have many years to complete the ongoing construction and development so that El Gouna remains a vibrant young city and ready to welcome new generations,” Bichara elucidated.