Nakheel Developments has received representatives of Time Hotels on an inspection visit to the Double Two Towers project in the New Administrative Capital, Invest-Gate reports.

Nakheel Developments Chairman Emad El-Tabbakh states that the company has started the project levelling works according to the planned schedule, adding that the company is about to extract the rest of the implementation licenses of the project.

He further comments, “Accelerating implementation rates during the next time would reduce the risks of inflationary waves and prices increase.”

Additionally, he uncovers that Time Hotels will be responsible for managing the hotel department in  Double Two Towers as part of the company’s plan to cooperate with global distinguished entities, noting that it is the first project managed by Time Hotels in NAC.

“Double Two Towers is a mixed-use project, encompassing commercial and administrative units and hotel apartments, built on an area of ​​9,000 sqm. The commercial part possesses ​​45% out of the total area,” he explains.

Moreover, the company is expected to pump EGP 3 bn of investments in this project, while the project is planned to be delivered within three and a half years.

“The project features all the elements of excellence, starting with the selection of the site and partners for successful implementation of the project, in addition to providing various and distinctive payment systems for clients that are commensurate with the purchasing capabilities and market variables,” he says.

For his part, Mohamed Awadallah, CEO and managing director of Time Hotels, points out that Double Two Towers is the first project managed by his company in the NAC and the company’s third project in the Egyptian real estate market.

He further comments, “Nakheel Developments has succeeded in seizing a distinctive location for Double Two Towers project, which makes it one of the prominent signs in the area in which it is located. It is expected that clients and NAC’s visitors will notice distinctive signs, in parallel with the project progress.”

It’s noteworthy that Time Hotels operates five prestigious brands in the UAE. Moreover, the group has won several awards, including “Best Mid-Market Hotel Brand” award by “Arabian Travel Awards”, and “Best Family Hotels in the Middle East” award by “World Luxury Hotel Awards”.