Saudi-Egyptian joint venture AkamAlRajhi Developments announced on Thursday that it has appointed Thailand-based global hotel operator U Hotels & Resorts to manage a new 5-star hotel located within their DOSE project on the North Coast, and the 1,000 unit JAY By U serviced units in the same project.

Company CEO Edrees Mohamed told Zawya Projects that the 120-key U hotel, which is being developed at a total cost of 1.2 billion Egyptian pounds ($23 million) will open its doors by 2029.

Mohamed Amer, Head of the Central Administration for Hotel Establishments, Shops, and Tourism Activities at the Ministry of Tourism, said the Egyptian government aims to double the hotel rooms in the country from existing 230,000 units in the next five years as part of its strategy to welcome three millon tourists by 2030.

AkamAlRajhi Developments, a joint venture between Egypt’s Akam Developments and Saudi’s AlRajhi Group, launched the DOSE project in 2022.

The 125-acre project, which is scheduled to be completed in four phases, includes chalets, standalone villas, twin-townhouses, and serviced units.

Cairo-based K&D Designs and United States-based SB Architects are the architectural consultants for the project.

In 2023, AkamAlRajhi Developments had appointed global hotel operator IHG Hotels & Resorts to manage its first 5-star hotel located within the DOSE project.

Edrees Mohamed said that they are planning a new project in Riyadh in Saudi Arabia in collaboration with Saudi National Housing Comany (NHC) but didn't elaborate.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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