In 1998, the Group was awarded land acquisition rights by the Government of Egypt at El Fayoum for a residential real estate development project. El Fayoum is located approximately 100 km southwest of Cairo. Total land parcels secured cover approximately 1.08 million m2 out of which 0.31 million sqm has been developed so far (34.3% developed). The destination includes one 4 star hotel with 62 rooms (20 hotel rooms & 42 hotel apartments). The hotel is expected to be operational in 1Q 2016.