Jaz spending EGP 4 bn in eight new hotels in Egypt’s resort towns
INVESTMENT WATCH- Travco subsidiary to invest EGP 4 bn in new Egypt hotels: Travco subsidiary Jaz Hotel Group is investing EGP 4 bn in eight new hotelsin Marsa Alam and Hurghada, Jaz CEO Alaa Akel tells Al Mal. Construction of the hotels is underway and should wrap up in 1H2019. The company is also planning to develop another eight hotels in the next five years in Marsa Alam, said Akel without revealing how much the company has earmarked for that phase of growth. The investment drive was prompted by the recovery of the tourism market in the past year, he said.