The Abu Dhabi Tourism Investment Company (ADTIC) – a firm in which Abu Dhabi Fund for Development (ADFD) has an 84.3% stake – has announced a hotel refurbishment project in Egypt, which will be implemented in 2021.
ADTIC’s Egypt portfolio includes three hotels in the four and five-star categories, located in Cairo, Hurghada, and Sharm El Sheikh. It also has a 99.28% stake in Arab Misr Hotels that owns a five-star resort in the ancient “open museum” city of Luxor. The major phases of the refurbishment project are expected be completed by the H2 2021.
The hotel refurbishment project aims to add impetus to Egypt’s tourism and hospitality industry, which is one of the country’s leading economic sectors and a leading source of the country’s national income. Egypt’s tourism industry generated an 18% year-on-year growth rate with high-record revenues of $13bn (AED47.7 billion) in 2019.
Commenting on the project, the director general of ADFD and Chairman of the Board of Directors of ADTIC, HE Mohammed Saif Al Suwaidi, said: “The hotel refurbishment initiative is aimed at enabling Egypt to turn the current challenges brought about by the COVID-19 pandemic into an opportunity to gear up for the future. Egypt’s tourism sector would pick up once international airlines resume normal services.”
The chief executive officer of ADTIC, Haitham Farouk, said: “The strategic locations of the hotels, combined with their popularity and potential to generate significant revenues, make the investment meaningful.
“We expect many changes and we are preparing accordingly. The lean period is a golden opportunity to plan for the next step and focus on reopening. One barely gets such a scope in normal times. We look forward to reopening with brand-new look and recouping occupancy.”
Farouk indicated that post-pandemic the sector would witness heavier application of digital tools and cutting-edge technology that would enable it to keep pace with the developments taking place in the global tourism industry.
“Such changes will lead to increased occupancy and revenue generation,” he added.
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