Pyramisa halts hotel opening in Dubai

Updated 12/14/2020 12:16:00 PM

ArabFinancePyramisa Hotels and Resorts postponed the inauguration of a hotel in UAE's Dubai, Chairman Magdy Azab told Al Mal News website.

The opening is put off until the end of the coronavirus crisis and the tourism sector returns to normal, Azab added.

The listed company was planning to open the hotel in December 2020.

Pyramisa posted a consolidated net profit of EGP 6,749,623 in January-September 2020, compared to EGP 61,214,898 achieved in the prior-year period.

The hotel development company, along with its subsidiaries, is primarily involved in the ownership, establishment, sale, rent, and management of hotels, in addition to providing travel, entertainment, therapeutic, and sports facilities.