The European Bank for Reconstruction and Development (EBRD) has granted a $12m senior secured loan to Al Dau Al Haram for Hotels Operations. The grant will be used to finance the development and operation of a new hotel under the Hyatt Regency brand in West Cairo, Egypt.
The EBRD said that the project aims to support sustainable developments in Egypt’s tourism sector, which has been particularly badly affected by the novel coronavirus (COVID-19) pandemic. The loan will be used to finance the construction, equipment and operation of a new 249-room hotel under the Hyatt Regency brand.
“The project will support improved access to training and work-based learning opportunities for young women and men,” the EBRD said in a statement. “It will support the introduction of an accredited training programme, targeting a large number of young women and men, in close cooperation with local stakeholders, Egypt’s Ministry of Education and Technical Education and TVET Egypt.”
It added, “Additionally, the project entails the implementation of a comprehensive set of sustainability measures related to energy and resource efficiency.”
The EBRD is providing a long-term, above market-average loan, with an adequate structure to respond to the impact of the coronavirus on Egypt’s hospitality sector.
The company confirmed that there are no foreign construction workers, under-age workers or on-site accommodation at the project, with construction expected to be completed in October 2020. The hotel will be equipped with fire prevention and fire-fighting provisions in compliance with Hyatt’s life & fire safety requirements and Egyptian fire codes.
When operation starts, Hyatt will apply its COVID-19 response plan for its operation in line with World Health Organization (WHO) & Centres for Disease Control and Prevention (CDC) recommendations, the EBRD said.
Al Dau Al Haram for Hotels Operations is a company incorporated in Egypt for the purpose of developing and operating the project. The company is part of the ALDAU Development group which is ultimately owned by the Sami Saad family.
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