Watan-The Egyptian billionaire and businessman, Enan El-Jalaly, revealed receiving an offer from the Egyptian government, represented by the former governor of Matrouh, Major General Abdelmoneim Saeed, at the beginning of the millennium to develop the city of Ras El-Hikma.
The Egyptian government recently signed a contract with the Abu Dhabi sovereign wealth fund, ADQ, in a deal aimed at attracting investments exceeding $150 billion for the largest country in the Middle East in terms of population.
The president and founder of the “Helnan” International Hotel Company clarified that the offer was for the development of a large area in Ras El-Hikma city. He mentioned that his company couldn’t accept the offer presented by the Egyptian government at that time because it included the company undertaking the implementation of the infrastructure for the large area allocated to it.
“Helnan” International manages and operates more than 43 hotels worldwide since its inception and currently manages about 10 hotels distributed across Egypt, Morocco, and Denmark.
“We don’t undertake underground projects”
El-Jalaly mentioned regarding the offer received by his company. He explained, “Helnan builds above ground, but what’s underground cannot be borne… Therefore, we apologized for exploiting the offered spaces despite the government’s provision of freedom for the company to exploit the land in the designated projects.”
Under the deal, the ADQ fund was granted the development rights of “Ras El-Hikma” for $24 billion, along with a plan to invest another $11 billion – which are deposits from the UAE to the Egyptian central bank – in additional key real estate projects in the country.
According to El-Jalaly, the Ras El-Hikma development project will have significant positive implications for the Egyptian market in the tourism, hospitality, real estate, and related industries sectors.
Openness to Future Presence
Regarding future presence, the Egyptian billionaire mentioned that the “Helnan” group is open to having a presence in Ras El-Hikma city, but the form of presence depends on the proposed projects. He added, “The projects have not been proposed yet… We will see the requirements when proposed… We have different ideas and objectives for each tourist site in Egypt, including Ras El-Hikma.”
According to El-Jalaly, the “Helnan” International company is considering a package of offers to manage new hotels in the Egyptian market in the near future, without disclosing their number temporarily until contracts are signed.
It is worth mentioning that the same company also received offers to manage two hotels in the New Administrative Capital, and their study is underway to choose the best among them according to the work requirements in the region, as El-Jalaly stated in press statements at the end of 2023.