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Monday, May 19, 2008

Egyptian Resorts in expansion mode

SHARM EL-SHEIKH (Egypt): Egyptian Resorts is negotiating two new projects on Egypt's Red Sea and studying another on the North coast to build on the country's growing tourism sector, chairman Ibrahim Kamel said.

Kamel said in an interview late on Saturday that his company was talking with Rowad Tourism (Al Rowad) to develop a 4 million sq m piece of land in Dahab and had applied to develop land in Ras Benas, also on the Red Sea.

"The two deals could be concluded soon and will be totally financed from the company's excess liquidity," he said.

The firm has extensive land holdings on the Red Sea coast and reported a 21 percent rise in net profit before minority interests to US$53.22 million (US$1 = RM3.25) in 2007.

"Egypt is to be one of the world's most attractive tourist destinations and we have to be ready for that," Kamel said.

By Reuters

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