Ishraq Hospitality and Capital Elite Development have signed a memorandum of understanding (MoU) to open two new hotels in Cairo, Egypt, reported Zawya.
These two hotels will jointly have around 600 keys when they open in 2025.
Ishraq Hospitality is the asset management and hospitality division of Mohamed & Obaid AlMulla Group, and Capital Elite Development is an Egypt-based real estate development company and a part of the Mustafa Mansour Group.
These properties will be developed by Capital Elite Development.
Ishraq Hospitality will manage operations at both properties.
Mohamed & Obaid Almulla Group CEO Sherif Beshara was quoted by the media outlet as saying: “The signing of the MoU between Ishraq Hospitality and Capital Elite Development brings together two companies that are well regarded leaders in their respective fields. The partnership will see the combining of world-class project development and hospitality management experience, which will result in the delivery and operation of two properties that are sure to dramatically enrich the burgeoning Egyptian hospitality sector.
“We are very excited to embark on this journey with Capital Elite Development to expand into one of the most culturally significant tourism destinations in the world.”
This MoU is in line with Ishraq Hospitality’s expansion plans to expand into Egypt, while further bolstering its domestic market of the UAE.
Capital Elite Development chairman Mustafa Mansour said: “The Egyptian hospitality sector has been recovering steadily since 2021 thanks to multiple influences, and once complete, we are confident that the two properties will contribute to the growth and performance of the hospitality sector in Egypt.”