Egypt’s Edge Holding has signed an agreement with the international hotel management group Accor to manage and operate the company's 5-star hotel ‘Sofitel Oia Towers’ located within its ‘Oia Towers’ mixed-use project in the New Administrative Capital (NAC).

The 30-storey, twin-tower Oia Towers is Edge Holding’s second project in the NAC, and includes hotel, office, retail and medical units.

Hazem Al-Sharif, Chairman of the Board of Directors of Edge Holding told Zawya Projects that total investment for Oia Tower’s hospitality component is 1.5 billion Egyptian pounds ($96 million).

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Frank Naboulsi, Vice President Operations, Accor Egypt (L) and Hazem Al-Sherif, CEO of Edge Holding (R) at the signing of the agreement

“Sofitel Oia Towers, located in the western tower, will comprise of 200 rooms and 300 hotel apartments. The agreement with Accor is for 20 years,” he said.

He also disclosed that Edge Holding will launch its new ‘Edge City’ residential and touristic project as a partnership venture.

Al-Sharif declined to reveal more details but said the project would be developed over an area of 2.5 million square metres with construction expected to start in April 2022.

YBA is the architect designer of Oia Towers and SIAC is the main construction contractor.

(1 US Dollar = 15.71 Egyptian Pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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