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Wednesday, 25 July 2018

Germany’s FTI plans massive expansion of Labranda World resorts in Egypt

INVESTMENT WATCH- Germany’s FTI plans massive expansion of Labranda World resorts in Egypt: German hospitality group FTI, which counts Samih Sawiris as a minority shareholder, is planning a massive expansion in Makadi Bay in the Red Sea, CEO Dietmar Gunz tells German tourism publication FVW. The company has bought three hotels on a 500,000 sqm site from Sawiris’ Orascom Development. It will first renovate the existing Labranda Club will be renovated first of all. Then, over the next 2-3 years, the group plans to build more hotels, an aqua-park, restaurants, shops and other facilities at the Makadi Bay site. Overall, it “will be bigger than Stella once fully built”, Gunz said. He did not mention how much the company plans to spend on the expansion.

Furthermore, FTI subsidiary Meeting Point Hotels also plans to open its first hotel in Egypt this winter with the 357-room Kairaba Lagoon in Sahl Hasheesh, said company head Roula Jouny.

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