ABU DHABI TOURISM INVESTMENT COMPANY (ADTIC) PUMPS $161 MILLION INTO EGYPTIAN HOTEL PROJECTS, INCLUDING RENOVATION AND EXPANSION PLANS IN SHARM EL SHEIKH AND HURGHADA. STRATEGIC VISION TARGETS EMERGING DESTINATIONS AND ACQUISITIONS IN EGYPT’S TOURISM SECTOR.
Abu Dhabi Tourism Investment Company (ADTIC), predominantly owned by the UAE’s Abu Dhabi Development Fund (ADFD), is injecting $161 million into Egyptian hotel projects. The move aligns with ADTIC’s strategic focus on enhancing tourism infrastructure in key Egyptian destinations.
In Sharm El Sheikh and Hurghada, ADTIC earmarks $81 million for renovating two hotels. The Mövenpick Hotel in Sharm El Sheikh is undergoing a $41 million facelift, set for completion by December 2024, boasting 298 revamped rooms.
Moreover, post-renovation, plans include a 120-room expansion in Sharm El Sheikh. In Hurghada, a $40 million investment aims to transform a hotel, potentially rebranded as Mövenpick, with operations slated to commence in April 2024, offering around 469 rooms.
ADTIC’s Dual Expansion: Hotels & Strategic Ventures
Simultaneously, ADTIC eyes an adjacent land in Hurghada for potential hotel development, with a decision expected by the next quarter’s end. The company has also finalized an $80 million investment plan to re-develop a five-star hotel near the Giza Pyramids, set to open in August 2026 under the Sofitel brand, managed by Accor.
ADTIC’s strategic vision extends to emerging tourist hotspots such as Aswan, Marsa Alam, the North Coast, the New Administrative Capital, New Cairo, and Downtown Cairo. Alongside hotel development, ADTIC explores acquisitions in the restaurant and hospitality sector.
With an 84 percent stake held by ADFD, 10 percent by Abu Dhabi National Hotels Company, and the remaining shares distributed among Egyptian Ministry of Public Business Sector affiliates, ADTIC is poised for impactful growth.
ADTIC is also appointing a consultant for a comprehensive five-year strategic investment plan, emphasizing expansion into new destinations and potential acquisitions in Egypt’s vibrant tourism sector.