23 international hotels for US $2 bn Port Ghalib
Steady growth in tourism to Egypt prompts expansion of second phase
Kuwait’s M.A. Kharafi Group thas announced that its US $2 billion Port Ghalib project in Egypt will have a total of 23 internationally renowned chain of hotels by the end of the second phase.
Currently there are four already operating hotels including The Palace by Intercontinental, The Oasis and The Sands by Crowne Plaza and Marina Lodge. In addition, a substantial residential offering has also been built and is ready for occupation.
“The tourism industry in Egypt is experiencing a steady growth and we are expecting a large turnout from across the globe over the next two years. This prompted us to increase the number of hotels on our property and we are delighted to state that Port Ghalib will have 23 world class hotels,” said Eng. Ibrahim Saleh, vice president of the Kharafi Group – Egypt.
When complete, phase one of the development will also have a yacht club, and several entertainment facilities and services. The project is now more than 40% complete.
Port Ghalib International Marina is also the first official international tourist port of entry into Egypt and has been operational since 2002 accommodating up to 1000 yachts of up to 60 meters in length.
“In addition to investments in service, retail and entertainment businesses, Port Ghalib holds a number of other investment opportunities. These range from participatory opportunities with the main developers in core project components, to land purchases for secondary developers of resort hotels and residential communities,” added Saleh.
Tourism accounts for approximately 6.6% of Egypt's GDP and almost a quarter of foreign exchange earnings. A majority of tourists are from Europe and the Middle East.
“Port Ghalib can be easily accessed through the Marsa Alam International Airport which is just a few kilometers away from the resort and offers direct flights to a number of European countries including the UK, Germany, Italy, Russia and France. Port Ghalib is also easily accessible by sea, via the new Port Ghalib International Marina, and by road,” added Saleh.