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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.

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