Wadi Degla, a large unlisted real estate developer in Egypt, is expecting EGP300mn in net income from the development of the Magawish project [co-developed with Misr Hotels, a unit of The Holding Company for Tourism (HOTAC)]. This amount will be spread over the duration of the project, which is eight years. The total investment cost of the project is EGP3bn, spread over c800,000 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. (Al Mal)