Emaar Misr announces the establishment of its two new hotels, Address Beach Resort Marassi and Vida Marina Hotel in Marassi Sidi Abdel Rahman. The two luxury properties, which include the first Vida hotels and resorts branch outside the UAE, Invest-Gate reports.
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, the statement reads.
Hassan Allam Holding will undertake the construction works for Address Beach Resort for 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, according to the statement.
On his part, Alabbar praises 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 says.
“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 adds, noting that Emaar’s total investment in Egypt is currently EGP 200 bn.
Hassan Allam, CEO of Hassan Allam Holding further confirms, “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.”
Meanwhile, Osama Bishai, CEO of Orascom Construction, highlights “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.”
The ceremony is attended by Mohamed Alabbar, Founder of Emaar, Hassan Allam, CEO of Hassan Allam Holding Group, and Osama Bishai, CEO of Orascom Construction, according to a company press release on February 2.