Abu Dhabi government-backed hotel group plans USD 170 mn investment in three Egyptian hotels
Three hotels are getting a makeover from our Emirati friends: The Egypt-focussed Abu Dhabi Tourism Investment Company (ADTIC) that is 84% owned by the government of Abu Dhabi’s Abu Dhabi Fund for Development (ADFD) plans to invest over USD 170 mn — equal to EGP 5.3 bn — into the renovation of three hotels in Hurghada, Sharm El Sheikh, and Giza, ADTIC CEO Yahya Qutb told Al Mal in an interview.
The breakdown:
- In Sharm: More than EGP 1.6 bn — roughly USD 52 mn — is earmarked to renovate the Accor-managed Mövenpick Resort Sharm El Sheikh.
- InHurghada: Up to USD 40 mn — which is currently equal to EGP 1.2 bn — is expected to be invested into renovating the Mercure Hurghada Resort, which will start in April and take up to 15 months to complete.
- In Giza: Some USD 80 mn — equivalent to around EGP 2.4 bn — has been allocated to build a new hotel under the brand Sofitel Legend, which will replace the now-demolished Mercure hotel in the Giza Pyramids area. Construction will kick off before mid-2024 and is scheduled to be completed in two years at most. The project was first announced in July.