UAE’s Ishraq Hospitality & Capital Elite Development to launch 2 new hotels in Egypt

UAE-based Ishraq Hospitality, the asset management and hospitality division of Mohamed & Obaid AlMulla Group, has signed a memorandum of understanding (MoU) with Capital Elite Development in order to launch two new hotels in Egypt.

The company said in a statement that “the properties will jointly add around 600 keys to the Egyptian hospitality market when they open to guests in 2025.”

The hotels will be developed by Capital Elite Development, an Egypt-based real estate development company.

According to the statement, “Ishraq Hospitality will work closely with Capital Elite Development to bring the project to fruition, following which, the group will manage operations at both properties, with the goal of adding to its well-earned reputation for highly successful third-party hospitality management.”

The signing of the MoU aligns with Ishraq Hospitality’s strategic expansion plans, which were first unveiled in May at the Arabian Travel Market 2022 in Dubai.

Mr. Sherif Beshara, Group CEO at Mohamed & Obaid Almulla Group commented that, “The signing of the MoU between Ishraq Hospitality and Capital Elite Development brings together two companies that are well-regarded leaders in their respective fields. The partnership will see the combining of world-class project development and hospitality management experience, which will result in the delivery and operation of two properties that are sure to dramatically enrich the burgeoning Egyptian hospitality sector.”

“The Egyptian hospitality sector has been recovering steadily since 2021 thanks to multiple influences, and once complete, we are confident that the two properties will contribute to the growth and performance of the hospitality sector in Egypt,” said Mr. Mustafa Mansour, Chairman of Capital Elite Development.

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