The Mogamma’s face-lift could be finished in 2024: The consortium of investors redeveloping the Mogamma into a hotel will finish construction by the end of 2024, Bloomberg Asharq reported Tuesday. This came from Randall Langer, chairman of MENA-focused US investment firm Global Ventures, who together with Oxford Capital and the UAE’s Al Otaiba Investment in December won the EGP 3.5 bn contract to revamp the administrative building in downtown Cairo.

Introducing the Cairo House Hotel: The Mogamma will be transformed into a new 450-room, five-star hotel. It will have more than 85k sqm of meeting and events spaces, several entertainment venues and restaurants, and feature the capital’s largest rooftop venue. The consortium signed the contract to redevelop the Mogamma with the Sovereign Fund of Egypt (SFE) and the Planning Ministry in December. The investors will manage the redevelopment of the complex and operate it once it is complete.

It’s costing more than originally planned: The development is now expected to cost around USD 240 mn, Langer told Asharq. The consortium will directly finance about 35% of the project, while the remaining 65% will be raised from banks, he added. The consortium is currently in talks with several local banks and is planning to announce the results of the negotiations within a month, he said, declining to identify the potential lenders.

Contractors have been hired: The consortium has contracted the Middle East-focused Consolidated Contractors Company (CCC) as its general contractor, managing director of CCC’s North Africa division, Mohamed Tarek, told CNBC Arabia (watch, runtime: 2:50). RMC Engineering and project management firm Chrome are also onboard.

We could see more activity from CCC in Egypt: The project comes as part of Lebanon-based CCC’s plans to expand in Egypt, Tarek told CNBC Arabia. The company’s current portfolio in Egypt is valued at USD 2 bn.