A new Egyptian tourism investment company is soon to be established, announced theHead the country’s Free Zones, Mohammed Ghamrawy. The Authorized capital of the Hay Tourism Company was set at 500 million Egyptian pounds ($117 million), while available investment funds total EP 200 million.
The new company will work to attract foreign investments into the sector, develop tourist centers and new tourist facilities, and acquire interest in on-going projects. Ghamrawy disclosed that the new company was commissioned to construct a five-star hotel with 500 rooms, as well as 280 tourism residential units, reported Al-Hayat .
The Egyptian government recently adopted several measures to support the country’s ailing tourism sector, adversely affected by global tourism slowdown. These include banking facilities granted to tourism investment companies and a grace period offered to the owners of the tourist projects to repay their debts. — (menareport.com)
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