Akam Al Rajhi Developments has signed a cooperation agreement with Absolute Hotel Services—one of the fastest-growing hospitality groups in Asia and Europe—to manage and operate the second hotel within its flagship D.O.S.E. project on Egypt’s North Coast.
The new hotel will be operated under the U Hotels brand, marking the group’s official entry into the Egyptian market. The partnership also includes the management of branded hotel residences under the “Jay by U” concept.
Speaking on behalf of Minister of Tourism and Antiquities Sherif Fathy, Mohamed Amer—Head of the Central Administration for Hotel Establishments, Shops, and Tourist Activities—hailed the collaboration as a valuable addition to Egypt’s hospitality sector. He noted that it aligns with the country’s Vision 2030, which aims to double Egypt’s licensed hotel room capacity from 230,000 to 460,000 by the end of the decade.
Amer added that 2024 has already shown robust performance, with hotel occupancy rates surpassing 90% and increased investor interest from both domestic and international players. He highlighted recent incentives introduced by the Ministry of Tourism, including amendments to Law No. 8, allowing investors to acquire hotel licenses through a streamlined one-stop-shop system. The legislative updates now offer more flexibility, minimize bureaucratic obstacles, and encourage greater private sector participation.