Talaat Mostafa Group Holding Company (TMG) is establishing the largest resort hotel in the world at Sharm El-Sheikh, Chief Executive and Managing Director of the group Talaat Mostafa announced on the sidelines of the preparatory conference of City Scape Egypt.

He said that 60% of the construction work at Sharm El-Sheikh’s Four Seasons Hotel have been completed, with investments amounting to EGP 4.5bn, adding that the hotel inauguration date is scheduled for late 2019.

TMG is also planning to establish Four Seasons Madinaty Hotel in the company’s residential flagship, Madinaty, in New Cairo in a 3-month span at the cost of EGP 6 bn.

Mostafa said that the company has invested EGP 200 bn up till now in Madinaty project, delivering 40,000 units for 300,000 residents.

The company will also offer its new units over 500 acres in the New Administrative Capital this year, at the total cost of EGP 35 bn.