Abu Dhabi Tourism Investment Company unveils hotel renovation project in Egypt
It is hoped the project will reinvigorate tourism in Egyptian hotspots
The Abu Dhabi Tourism Investment Company (ADTIC) – a firm in which Abu Dhabi Fund for Development (ADFD) has an 84.3 percent stake – has announced a hotel refurbishment project in Egypt, which it's hoped will help the country’s tourism sector.
ADTIC’s Egyptian hospitality 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 percent stake in Arab Misr Hotels that owns a five-star resort in the ancient city of Luxor.
Egypt’s economy relies heavily on its tourism sector, making up 12 percent of overall GDP and 9.5 percent of all employment in the country. The COVID-19 pandemic has decimated the country’s once-thriving tourism sector, with the country reportedly losing more than US$1 billion a month from a lack of tourists.
The major phases of the refurbishment projects are slated to be completed by the second half of this year, with ADFD stating there will be a greater focus on technology and digital tools to keep the industry up to date.
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.”