El Mamoura Co. builds an alliance with a property developer to implement a project at EGP 300mn

Wednesday 11 July 2018 02:11 PM

chairperson of HOTAC Mervat Hattaba
chairperson of HOTAC Mervat Hattaba

By Ahmed Ashour:
A consortium between El Mamoura Company for Construction and Tourism Development and a property developer has been launched to use a land plot in El Mamoura, Alexandria in a real estate project at a cost of EGP 300mn, said chairperson of Holding Company for Tourism and Hotels (HOTAC) Mervat Hattaba.
She told Al Mal newspaper that El Mamoura Company, a subsidiary of HOTAC, will get 40% of the project earnings against its in-kind contribution with its partner obtaining 60%. The latter will fully bear investment cost.
HOTAC is planning to pup new investments worth EGP 844mn into subsidiaries in the new fiscal year.
The holding company aims to maximize benefitting from its affiliated assets through partnership by providing an in-kind share while the private sector will bear investment cots of the project.