The rally comes one day after the Group announced its plans to build a Four Seasons hotel adjacent to the Grand Egyptian Museum (GEM), following the Group's participation in the museum's official opening ceremony.
Hisham Talaat Moustafa, TMG's Chief Executive Officer, had
disclosed in statements made before the opening ceremony that the group began
construction three months ago on a massive hotel bearing the Four Seasons brand
next to the GEM. He projected that the hotel would be inaugurated in three
years.
He also noted that average hotel night prices in Cairo and Aswan had surged to record levels above $1,000 concurrent with the GEM opening. Furthermore, he highlighted that occupancy rates in Sharm El-Sheikh hotels have climbed to 85%, with prices quadrupling, driven by the success of the Sharm El-Sheikh Peace Conference hosted in the city last month.