World

EBRD arranges $265m financing for Egypt hospitality expansion

JEDDAH: Egypt’s hospitality sector is set to receive a boost from a syndicated financing package of up to $265 million arranged by the European Bank for Reconstruction and Development for ADD Properties, a member of Sami Saad Holding. The financing will support the development of a new Grand Hyatt hotel in West Cairo, as well as the expansion and modernisation of the company’s hospitality portfolio, according to Egypt's State Information Service, or SIS. The investment comes as Egypt seeks to