Abu Dhabi Tourism Investment Company (ADTIC), a subsidiary of the Abu Dhabi Fund for Development (ADFD), has uncovered a major refurbishment project for its hotels in Egypt, aiming for completion in H2 2021, Invest-Gate reports.
The new initiative aims to add impetus to Egypt’s tourism and hospitality industry, which is one of the North African country’s leading economic sectors and a major source of national income, according to the ADFD’s press release on September 10. However, the total investment cost was not announced.
ADTIC’s Egypt portfolio includes merely three four- and five-star hotels, located in Cairo, Hurghada, and Sharm El Sheikh. It also has a 99.28% stake in Arab Misr Hotels, which owns a five-star resort in the ancient “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 ADTIC CEO Haitham Farouk, noting, “We expect many changes and we are preparing accordingly. We look forward to reopening with a brand-new look and recouping occupancy.”
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 been investing in the tourism sector of various countries, including Tunisia, Uzbekistan, and Sudan.