Misr Hotels, a unit of The Holding Company for Tourism (HOTAC), is set to sign a contract this week with Wadi Degla, a large unlisted real estate developer in Egypt, to develop HOTAC’s Magawish resort. The total investment cost of the project is EGP3bn, spread over 800,000 sqm. As part of the agreement, HOTAC will receive EGP640mn in cash, over five years. This is in addition to a 400-room hotel at El-Ain El-Sokhna to be delivered by Wadi Degla within three years, representing HOTAC’s in-kind return. The preliminary agreement was for Wadi Degla to establish a hotel either in Magawish, the North Coast or Ain El-Sokhna, then the two parties agreed the location would be at the latter. The other two bidding entities on the project were Amer Group and Americana Resorts. (Al Borsa)