RIYADH, 11 May 2004 — The Kingdom Hotel Investment Group (KHI) chaired by Prince Alwaleed Bin Talal has announced an investment into the proposed $100 million Fairmont Hotel Cairo in the Nile City project.
KHI has signed a letter of intent to enter into a partnership with Nile City Investment of Cairo to make a capital infusion into the 552-room hotel, which is due for completion in 20 months. “The hotel will form the third and final tower of the city’s most prestigious office and retail development in the Nile City Complex, opened recently with 100,000 sq. meters of office space,” Alwaleed said.
Nile City Investments is a joint venture owned by Orascom and Saudi Sheikh Fahd Shobokshi. The hotel will be the second hotel investment made by KHI in Cairo. “We are pleased to have forged an alliance with Sheikh Fahd Shobokshi and the Sawiris Family in this project. The prime location, together with the Fairmont brand and synergies of the office and retail components, will make the project a highly sought after address for international businesses and tourists alike,” Prince Alwaleed said.
Sarmak Zok, KHI CEO, said, “We have great confidence in the future of Egypt’s hotel industry and are encouraged by the resilience of the Cairo hotel market. The partnership with Nile City Investments was an important consideration when we were looking at this transaction.”
