Saturday, May 24, 2008

Orascom Telecom Reportedly Partners to Complete Ryugyong Hotel Construction

According to Yonhap News, North Korea resumed the construction of a highrise hotel building in Pyongyang last month, which was suspended for nearly 20 years due to funding problems. The construction of the luxury Ryugyong Hotel began in 1987 with French capital and technology for completion in 1992. The 105-story building has long been left uncompleted since early 1990s amid North Korea's chronic economic problems. According to informed sources "North Korean authorities restarted the construction of Ryugyong Hotel in April." Orascom Telecom Holding of Egypt is North Korea's partner for the construction, the sources said. "If completed, the hotel will be used as an accommodation for foreign investors and visitors, a business center and an international convention center among others," a source said. The 330-meter hotel is expected to be the world's tallest when completed.

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