Abu Dhabi Tourism Investment Company (ADTIC) is planning to expand its hospitality investments in Egypt given the massive opportunities in the most populous Arab country, its CEO was quoted on Monday as saying.
Yehya Qotob said ADTIC, which is controlled by the Abu Dhabi Fund for Development (ADFD), has already pumped nearly $150 million into Egypt, which he described as the most attractive tourism investment market in the Middle East.
“We are pushing ahead with an investment expansion plan…the Company is currently studying several investment opportunities in cooperation with a number of Egyptian public establishments with the aim of increasing its investments in Egypt,” Qotob told the Egyptian Arabic language daily Addustour.
ADDF controls 84 percent of ADTIC while the rest is owned by Abu Dhabi National Hotels (ADNH), and Egypt’s public sector Misr Hotels and Egyptian General Company for Tourism & Hotels (EGOTH).
(Writing by Nadim Kawach; Editing by Anoop Menon)
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