The project aims to complete and develop the current hotel building with a hotel capacity of 60 3-star hotel rooms

The right to use and exploit the land, buildings, and a beach area allocated to the hotel was concluded between the Holding Company for Tourism and Hotels and the Damietta Governorate, which owns the hotel, for a period of 25 years, renewable for another period, after which the hotel will be transferred to the owner.

The governorate receives an annual usufruct of one million pounds, with an annual increase of 5%, to be paid after the end of the first year of operation.

Investment by participating in financing the development, renovation and management of the 3-star Ras El Bar Hotel with the Arabian Canadian Hotels and Resorts Management Company (Arakan)

The expected investment cost of the project is 125 million pounds

The project is financed in partnership with Arkan Company (the holding company finances 45 million pounds of the investment cost, and the participant bears 80 million pounds)

The Tourism Holding Company finances approximately 35% of the investment cost, in exchange for obtaining 50% after deducting the management share.

The holding company’s share in the financing will be paid according to the reports approved by the consultant, which include the volume of work that has already been implemented