Arab Finance: Saudi Arabia's Al Sharif Group Holdings (ASG) has sealed a contract worth EGP 500 million with Egypt's SIAC Construction to renovate, finance, and operate the first phase of the historic Shepheard Hotel in central Cairo, according to an emailed press release on February 12^th.

Under the signed contract, the first phase covers the construction work of an annex building on an area of 1,000 square meters with 14 storeys, including a four-storey garage, in addition to the development of the main building of the hotel.

The rehabilitation works of Shepheard Hotel’s come in accordance to the standards requested by the international Mandarin Oriental Hotel Group.

In 2020, ASG and EGOTH inked an EGP 1.4 billion deal, under which the Saudi firm acquires 69% of the 316-room hotel's net operating profits for 10 years, then to be lowered to 60% by the end of the 35-year contract.

Egypt has been working on the development of the Shepherd Hotel since 2008. The state-owned Egyptian General Company for Tourism and Hotels (EGOTH) decided to close it permanently in 2013 until a tender was awarded to Al Sharif Group in 2020 to develop the hotel

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