Abu Dhabi Tourism Investment Company (ADTIC), a company in which Abu Dhabi Fund for Development (ADFD) has 84.3 per cent stake, has announced a major hotel refurbishment project in Egypt.
 
Aimed at providing a momentum to the tourism and hospitality industry, one of the country's leading economic sectors, the initiative will be implemented throughout next year.
 
On the project, Mohammed Saif Al Suwaidi, Director General of ADFD and Chairman of ADTIC, said: "The hotel refurbishment initiative is aimed enabling Egypt to turn the current challenges brought about by the Covid-19 pandemic into an opportunity to gear up for the future."
 
Abu Dhabi Tourism Investments’ Egypt portfolio includes three hotels in the four and five-star category, 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.
CEO 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,” he added.
 
Al Suwaidi pointed out that Egypt’s tourism sector would pick up once international airlines resume normal services.
 
The tourism and hospitality industry is a leading source of Egypt’s national income, with more than 18% growth rate over 2018, Egypt tourism generated high-record revenues of $13 billion in 2019
 
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 stated.
 
Farouk expressed hope that that the major phases of refurbishment project would be completed by the second half of next year.
 
As part of its strategy to generate revenues to drive sustainable economic growth in developing countries, as well as to support the UAE’s economy, ADFD invests in prospective companies and projects in vital sectors.
 
The fund has a tradition of investing in the tourism sector in various countries, including Tunisia, Uzbekistan and Sudan.-TradeArabia News Service

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