Cairo – Mubasher: Pyramisa Hotels and Resorts expended EGP 83.35 million (AED 34 million) on Pyramisa Suites Hotel Dubai, according to a bourse filing on Monday.

Currently, the company is hands on fulfilling all necessary official procedures to take out a loan worth EGP 98 million (AED 40 million) from the Arab African International Bank in Dubai (AAIB) to fund the Dubai-based project, the company indicated.

It further clarified that the completion of Pyramisa Hotel Dubai still requires EGP 207.9 million (AED 85 million) of which EGP 110 million (AED 45 million) will be self-financed.

In the first quarter of 2016, the company's earnings plunged by 94.98% to EGP 619,100 against a net profit of EGP 12.33 million for the year-ago quarter.