At the close of trading, TMG’s shares rose 4.77%, driven by
the project, which is expected to expand the group’s presence in the luxury
tourism sector.
TMG shares opened Monday’s session at EGP 59.15 and closed
at EGP 61.97, bringing the company’s market capitalization to around EGP 127.7
billion.
The gains follow increases recorded by TMG’s shares on
Sunday, when they rose 2.85%, opening at EGP 57.5 and closing at EGP 59.15,
raising the group’s market capitalization to approximately EGP 122 billion.
Hisham Talaat Moustafa, CEO of TMG, revealed that the
project was launched about three months ago and is expected to open within
three years.
He also noted that hotel room rates in Cairo and Aswan have
reached record highs, exceeding USD 1,000 per night, following the official
opening of the Grand Egyptian Museum. Hotel occupancy in Sharm El-Sheikh has
risen to about 85%, while prices quadrupled after the city hosted the Peace
Conference.