Egypt’s Al-Sharif Hotels and Tourism Company (ASH) has awarded a $16.4 million contract to local contractor SIAC Construction to renovate and develop the historic Shepheard Hotel in Downtown Cairo.
The scope of the contract with SIAC includes excavation work and rehabilitation of the main hotel building. The work will also entail the construction of a 14-storey annexe behind the main hotel building on an area of 1,000 square metres with a four-level underground parking facility.
A subsidiary of Saudi Arabia-based Al Sharif Group Holding (ASG), ASH has already carried out several works, including dewatering, electrical works for underground parking, the construction of concrete walls lined with a depth of 23 meters, the addition of 90 concrete foundations to distribute the load on the main building, renovations within the main building, and the renovation of the swimming pools.
“The duration of the contract is 35 years, during which the Saudi investor will receive 69 percent of the net operating profit for 10 years; and 60 percent after that until the end of the contract period,” said Al Sharif Nawaf Faiez Al Abdelhakim, ASG’s CEO.
Other companies working on the Shepheard Hotel include the Hong Kong-based Mandarin Oriental Hotel Group. The Paris-based interior designer Sybille de Margerie has been mandated to preserve the building’s heritage design while enhancing facilities and services. Silver Fox will design restaurants and cafes. Meanwhile, Al-Sharif Contracting (ASC) will be handling the electrical work.
