Egypt’s Pyramisa negotiating AED40 mln AAIB loan for Dubai project

Egypt’s Pyramisa Hotels and Resorts announced Monday ongoing talks to obtain around AED 40 million ($11 million) loan from the Arab African International Bank (AAIB) – Dubai office.

The loan is to finance resumption of works on Pyramisa’s Dubai-based project Pyramisa Suites Hotel Dubai.

The completion of Pyramisa Hotel Dubai still requires AED 85 million of which AED 45 million will be self-financed, the company added in a release to the Egyptian bourse on Monday.