Back to the complete issue
Thursday, 8 December 2016

Public Enterprise Ministry to renovate downtown Cairo’s Intercontinental hotel

Because getting onto the Corniche from Downtown Cairo isn’t enough of a jam, the Public Enterprise Ministry intends to renovate the Semiramis Intercontinental hotel and build an adjunct shopping mall and a two-story deep parking garage, Al Borsa says. The ministry intends to establish a subsidiary with EGP 1.2 bn in capital to oversee the project. Negotiations over capital injection have already started, sources said, and the ministry is in talks with affiliated holding companies as well as the National Bank of Egypt, Banque Misr, and Banque du Caire, who will each hold a 5-10% stake in the new company. Sources added that the Holding Company for Tourism and Hotels’ stake is represented in the land allocated to the project.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.