The Holding Company for Tourism, Hotels and Cinema (HOTAC) developed five branches of internal trade companies, and a Misr Travel branch, with EGP 8m-worth of private sector investments.
HOTAC, which is affiliated to the Ministry of Investment, developed the branches in Cairo, and the Beheira and Daqahleya governorates.
In a report, it was stated that the private sector bore annual participation costs of EGP 7.6m, in addition to carrying the costs of electricity consumption, water, civil defence, and fire branches, and company insurance. The costs also covered tax on activity sales, while maintaining all manpower.
The development of Pontremoli Stores for Furniture in downtown Cairo has already been completed, with the store’s area covering 1,536 sqm.
The report also emphasised the finalisation of the development of the Hano shop, covering 1,300 sqm, in Damanhour, affiliated to the same company, with investments of up to EGP 3.7m from the private sector.
Two branches of Benzaion for Modern Fashion in Mit Ghamr, Daqahleya, were also renewed, with a total area of 1,180 sqm and an investment cost of up to EGP 5.4m.
A contract has been signed between Misr Travel and a private sector partner stating that the company branch will be an office for issuing visas, tourist transportation. It will also organise Hajj, Umrah, and internal tourism with total investments exceeding EGP 400,000.
The projects and investments were outlined in a report received by Minister of Investment Ashraf Salman from Mervat Hataba, acting Chairman of HOTAC, regarding the finalisation of the branches’ development.
The report includes developing companies’ branches through partnership with the private sector which pumps in investments to develop and make use of these branches. This comes in return for the company’s payment of the partnership value for five years.
The report also confirmed that the company will develop internal trade companies in the different governorates to guarantee services for everyone with suitable prices and high quality competing the market.