The Clap: 

Pickalbatros group plans to establish a hotels & tourism project with an area of 220 acres in the North Coast, according to Pickalbatros’s chairman Kamel Abou-Aly in an interview with Asharq.

What 

Palm Hills agreed previously to develop a tourism project with Cleopatra Group in the North Coast over an area of 420 acres.

• That project is expected to bring in revenues of EGP 100 billion over 7 years, and Palm Hills is developing it for 67% of revenues according to the partnership.

So What 

According to government data, the North Coast boasts only 4174 registered hotel rooms west of Alexandria, compared to 87 thousand hotel rooms in Egypt’s Red Sea resorts.

Now What 

The project’s drawings are being drafted now. How the ownership percentage between Palm Hills and Pickalbatross have not been finalized yet.

Mahmoud Hatem

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