Dubai: The Abu Dhabi Tourism Investment Company (ADTIC) is going in for a major refurbishment of its hotels in Egypt, which will be done all through next year. Major phases of the project would be completed by the second-half of next year.
The entity's 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 per cent stake in Arab Misr Hotels that owns a five-star resort in the “open museum” city of Luxor.
“The strategic locations of the hotels, combined with their popularity and potential to generate significant revenues, make the investment meaningful,” said Haitham Farouk, CEO of ADTIC. “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.”
The tourism and hospitality industry in Egypt recorded an 18 per cent annual growth rate last year, generating $13 billion.
“The initiative is aimed enabling Egypt to turn the current challenges brought about by the pandemic into an opportunity to gear up for the future," said Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), which has an 84.3 per cent stake in ADTIC. "Egypt’s tourism sector would pick up once international airlines resume normal services.”
ADFD invests in companies and projects in vital sectors. The fund has multiple exposures in the tourism sector, including in Tunisia, Uzbekistan and Sudan.