Lazura Developments announced the signing of a strategic partnership agreement with Saqr Investment, in cooperation with one of the major banks and Farida Real Estate Applications Company, to launch and operate the Luxor Hotel project as the first serviced apartment development within Lazura New Cairo Compound in New Cairo, in a deal exceeding EGP 1 billion.
The project comes as part of Lazura’s vision to develop integrated urban communities that combine luxury residential living, hospitality services, and modern real estate investment opportunities. The hotel units will be operated according to the highest international hospitality standards, with a timeline targeting project delivery within three years.
Ahmed Abdel Hakim, Chairman of Lazura Developments, stated that the agreement represents a key pillar in the company’s strategy to introduce innovative integrated developments that provide a diverse and advanced living experience for investors and clients.
He added that Lazura New Cairo has been designed as a fully integrated urban community offering a modern residential and investment experience, noting that cooperation with Saqr Investment to launch Luxor Hotel enhances the project’s investment value and adds a new dimension of hospitality services within the compound.
For his part, Ahmed Saqr, Chairman of Saqr Investment and Farida Real Estate Applications, said that the agreement activates the escrow account system for the first time in the Egyptian market in cooperation with Lazura Developments and a major bank. He described it as the beginning of a long-term strategic partnership aimed at providing innovative investment solutions in Egypt’s real estate market.
He added that Luxor Hotel will be operated according to the highest global hospitality standards, ensuring a distinctive accommodation experience within the Lazura New Cairo project.
Saqr also explained that Farida Real Estate Applications offers a Fractional Real Estate ownership model through a digital application that enables investors to purchase shares in hotel units. This model opens the door for a broader segment of investors to participate in real estate investment opportunities. He noted that the first batch of units within the project will soon be offered through the Farida application.
In the same context, Ramadan El-Seddik, Board Member of Lazura Developments and Chairman of MSD Contracting, confirmed that the project will be implemented according to an accelerated timeline using the latest construction technologies to ensure delivery on schedule.
He added that MSD Contracting will collaborate with Lazura’s implementation teams to complete the project as quickly as possible while adhering to the highest quality standards, noting that the development will follow five-star luxury hotel standards in design, construction, and services.
Meanwhile, Ahmed Fouad, Chief Executive Officer of Lazura Developments, stated that Lazura New Cairo represents a new model for integrated real estate investment in the Egyptian market. He explained that launching Luxor Hotel within the compound reflects the company’s strategy to integrate hospitality services with modern residential communities.
He added that the partnership with Saqr Investment, the Farida platform, and a major banking institution provides an innovative investment model that enables investors to benefit from hotel returns while ensuring professional unit management. He emphasized that the project aims to attract a wide range of local and foreign investors seeking stable investment opportunities in the hospitality and hotel real estate sector in New Cairo.
