September 13, 2021

Rowad Tourism to develop part of land portfolio in Red Sea

ArabFinance: Rowad Tourism (Al Rowad) (ROTO) announced that its board of directors has agreed to develop a part of its lands portfolio in the Red Sea that spans 3.6 million meters, according to a statement to the Egyptian Exchange (EGX).

These lands are owned by Rowad Dahab for Tourism Development, an 85.2%-owned subsidiary of Rowad Tourism, the statement added.

Moreover, the company is planning to launch a number of hotels and resorts at an estimated cost of EGP 1 billion.

The company’s management has not studied this plan yet as it will be all discussed after forming the new board of directors during the ordinary general meeting (OGM) set to be held on October 4th, 2021.

Rowad Tourism is also planning to upgrade and rehabilitate floating hotels in Maadi, Assiut, and Aswan, as well as to use the first-class tourism license.

The company is set to sign a contract with a local hotel management company to upgrade and manage these hotels.

It is worth noting that the floating hotels are owned by Rowad Tourism’s 94.3%-owned subsidiary MG Group.

Rowad Tourism is an Egypt-based public shareholding company that operates in the tourism industry.


Categories : tourism

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