An official source at Misr Hotels (MHOT) said that Safir Dahab resort opening was postponed to the end of the third or fourth quarter of 2020. It was scheduled to open in June.
The source said the hotel development rates reached 62% and it may be temporarily suspended due to the coronavirus outbreak. The source added that the company allocated EGP 140m of investments for the development of Safir Dahab hotel.
MHOT budget shows that it targets a 15% increase in its profits during the fiscal year (FY) 2020/21, up from the current fiscal year. Company’s profit targets are set at EGP 213m in the next fiscal year, compared to an expected amount of EGP 185.29m in FY 2019/20.
For FY 2020/21 MHOT plans EGP 164.04m investment budget. It includes contractors’ payments for the development of the Nile Ritz-Carlton, replacement and renewal works, as well as the rest of the investment cost for the development of Safir Dahab hotel.
The investment budget also includes pre-opening expenses estimated to be completed at the end of the fourth quarter of the FY 2019/20.