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Thursday, 20 July 2017

Misr Hotels Company halts new investments following interest rates hike

Misr Hotels Company is freezing expansion plans until the CBE decreases interest rates and inflation cools, according to chairman Amr Attia, Al Borsa reports. “As long as interest rates are at their current levels, we will not enter new investments,” Attia says. The company allocated EGP 183 mn in investments this fiscal year, including EGP 113 mn in debt services, for developments at Dahab Resort and Nile Ritz-Carlton. Construction work is set to start at Dahab resort’s extension before year-end, according to Attia. On tourism, he says occupancy rates at the Nile Ritz-Carlton increased to 75% last year, with Gulf nationals comprising 55% of hotel residents. Separately, Attia said the company is not intending on increasing prices.

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