Al-Naeem Real Estate Partners with Investors to Develop 1,500-Room Hotel Project in Marsa Alam
Al-Naeem Real Estate Investments has announced a strategic partnership with a group of investors to develop and construct a fully integrated hotel project in Marsa Alam on the Red Sea, with a planned capacity of 1,500 hotel rooms, according to a report published by Al-Mal newspaper.
The project will be built on a plot of land owned by Al-Naeem in Marsa Alam, held through its subsidiary Belady for Tourism and Hotel Development, in which the company owns a 99% stake. The new partnership has been structured through Belady for Development, which will take the lead in developing and operating the large-scale hotel project.
Under the terms of the agreement, Al-Naeem’s share in the project upon completion is expected to be approximately 14%, with the remaining ownership distributed among the participating investors.
Al-Naeem and its partners also agreed that the new project will be fully financed through self-funded investments, with no additional financial obligations placed on Al-Naeem. The financing structure will be achieved through the sale of around 86% of the capital of its subsidiary, Belady.
The development marks a significant expansion for Al-Naeem in one of Egypt’s most promising tourism destinations, supporting ongoing investment growth across the Red Sea region and contributing to the country’s broader tourism development strategy.