The pound’s flotation hit Sharm Dreams Holding for Tourism and Hotels, driving its project costs up and the interest on its US-dollar-denominated loans. Another company’s project is also under construction in Sharm El-Sheikh. He added that the company’s hotels are seeing an occupancy rate of 30% on average. Abou El Enein expected the tourism sector to revive in 2018, noting that the current year will not see better performance. Worse, Sharm Dreams is also suffering from the interest on its US-dollar-denominated loans, which increased in value following the flotation, leading the company to suffer more losses.

Source: Daily News Egypt March 02, 2017 08:49 UTC