PROJECT

Projects

Summary of Investment Information

Project Number

33360

Company Name

Sindbad Club Hospitality Development S.A.E.

Date SPI Disclosed

Apr 29, 2015

Country

Egypt, Arab Republic of

Region

Africa

Projected Board Date

Jun 1, 2015

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Sep 30, 2022

Department

Regional Industry - MAS Africa

Industry

Tourism, Retail and Property

Previous Events

Approved : Jun 16, 2015
Signed : Jul 1, 2015
Invested : Dec 14, 2018

Sector

Resort Hotel (Including Lodges)

Project Description

Credence Hospitality Ltd BVI (“Credence”) operates in the hospitality and leisure sector in Egypt through Sindbad Hospitality Development (“Sindbad”) and Urbane Hospitality Development (“Urbane”). Sindbad is the holding company for the Group’s 950-room hotel and entertainment operations in Hurghada, while Urbane is the holding company for the Group’s planned lifestyle hotel and restaurant’s brands business. The project involves the refurbishment and expansion of Sindbad Club hotel in Hurghada, and the establishment of three greenfield lifestyle hotels in Cairo.

Associated Advisory Engagement

Credence is an existing IFC Advisory Client, further to previous engagement with IFC Corporate Governance team. (Sindbad project # 538930)

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation