The European Bank for Reconstruction and Development (EBRD) has provided a senior secured loan of $ 12 million to Al Dau Al Haram for hotel operations. The grant will be used to finance the development and operation of a new hotel under the Hyatt Regency brand west of Cairo, Egypt.
The EBRD said the project aims to support the sustainable development of Egypt’s tourism sector, which has been particularly 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.
âThe project will support improving access to training and learning opportunities in the workplace for young women and men,â the EBRD said in a statement. âIt will support the introduction of an accredited training program, targeting a large number of young women and men, in close cooperation with local stakeholders, the Egyptian Ministry of Education and Technical Education and TVET Egypt.
He added: “In addition, the project involves the implementation of a comprehensive set of sustainability measures related to energy and resource efficiency.”
The EBRD is providing a long-term loan, above the market average, with an adequate structure to respond to the impact of the coronavirus on the Egyptian hotel sector.
The company has confirmed that there are no foreign construction workers, underage workers or accommodation at the project site, with construction to be completed in October 2020. The hotel will be equipped with provisions of fire prevention and control in accordance with Hyatt’s Requirements for Life and Fire Safety and Egyptian Fire Codes.
When the operation begins, Hyatt will implement its COVID-19 response plan for its operation in accordance with recommendations from the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC), 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 ultimately belongs to the Sami Saad family.