MGM Mirage plans hotel in Egypt

By Steve Green

Tuesday, June 16, 2009 | 8:33 a.m.

MGM Mirage today announced an agreement to bring its MGM Grand hotel brand to Egypt -- the second such deal in a month for the company in the Middle East.

Las Vegas-based MGM Mirage and New Giza for Real Estate Development -- an Egyptian company building a luxury, mixed-use community near the base of the pyramids close to Cairo -- today announced plans to develop the MGM Grand New Giza.

All equity funding for the development will be provided by New Giza for Real Estate Development. MGM Mirage will provide management services through its MGM Mirage Hospitality division.

Located 40 minutes from the airport on the outskirts of Cairo, the 550-room MGM Grand is due to open in 2013 and will provide spectacular views of Cairo and the famous pyramids of Giza, a company statement said. It will be connected via electric train to the Egyptian antiquities museum now under construction.

"The New Giza community presents an opportunity for us to be part of an extraordinary new master-planned development near Egypt's famed pyramids," Gamal Aziz, president and CEO of MGM Mirage Hospitality, said in a statement. "Our partners share our focus on luxury, excellence, customer-oriented design and unparalleled service. Together with this spectacular location, this new resort will quickly become a tourism and conference destination that is both in high demand and fully reflective of the MGM Grand brand."

MGM Mirage said the New Giza development will be a luxurious, master-planned community.

A company statement said it will be built over 1,500 acres of land, will incorporate elegant homes, three resort hotels, lavish restaurants, shopping malls, all-inclusive sporting facilities and a high-end golf course designed by Thomson Perrett & Lobb. Built on graded elevations, approximately 80 percent of the 2,500 villas and townhomes will enjoy all-around views of Cairo and the Pyramids of Giza. Developed as nine individual neighborhoods, the community will be surrounded by endless greenery, parks and lakes.

"We are delighted to have the MGM Grand anchor our hotel and hospitality sector in New Giza," Mahmoud El Gammal, CEO of New Giza for Real Estate Development, said in a statement. "MGM's reputation for quality living, dining, entertainment, spa and nightlife offerings will provide the amenities, excitement and energy that reflect the lifestyle of this unique development."

MGM Mirage last month announced a deal with Pearl Dubai FZ, developer of a $4 billion luxury resort in Dubai, to manage MGM Mirage-branded hotels there.

Pearl Dubai FZ is to own and finance a 250-room Bellagio hotel, 350-room MGM Grand hotel and a 30-suite Skylofts hotel.

The MGM Mirage hospitality division earlier signed deals to manage hotels in Abu Dhabi and mainland China.