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Ishraq Hospitality and Capital Elite Development have signed a memorandum of understanding (MoU) to launch two new hotels in the New Capital, Cairo, Egypt. The properties will jointly add around 600 keys to the Egyptian hospitality market when they open to guests in 2025. The hotels will be developed by Capital Elite Development, a leading real-estate development company in Egypt, born through the development of the New Administrative Capital. The developer is part of the Mustafa Mansour Group and has earned a reputation for its commitment to delivering state-of-the-art projects for its clients. Ishraq Hospitality will work closely with Capital Elite Development to bring the project to fruition, following which, the group will manage operations at both properties, with the goal of adding to its well-earned reputation for highly successful third-party hospitality management. “The signing of the MoU between Ishraq Hospitality and Capital Elite Development brings together two companies that are well regarded leaders in their respective fields. The partnership will see the combining of world-class project development and hospitality management experience, which will result in the delivery and operation of two properties that are sure to dramatically enrich the burgeoning Egyptian hospitality sector. “We are very excited to embark on this journey with Capital Elite Development to expand into one of the most culturally significant tourism destinations in the world,” said Sherif Beshara, Group CEO at Mohamed & Obaid Almulla Group. The signing of the MoU aligns with Ishraq Hospitality’s strategic expansion plans, which were first unveiled in May at the Arabian Travel Market 2022 in Dubai. During the event, the company announced its intent to expand into Egypt, while further developing its home base market of the UAE. …

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