The Abu Dhabi Fund for Development and Egyptian government partners have launched a project to establish a five-star hotel in Egypt, with investments totaling 440 million dirhams, equivalent to approximately $120 million. This announcement was made during a project launch event in Cairo, accompanied by a press release.

This initiative reflects the expanding investments of Emirati companies in Egypt’s tourism sector, particularly following a significant agreement last year to develop the Ras El Hikma city on the Mediterranean coast, valued at $35 billion.

The Abu Dhabi Fund for Development, established in 1971 to finance developmental projects in developing countries, will hold an 84.28% stake in the hotel project through the Abu Dhabi Tourism Investments Company. This company is primarily based in Egypt and controls the majority of the investment.

Other stakeholders in the project include the Abu Dhabi National Hotels Company, which is listed on the Abu Dhabi Securities Exchange and will contribute 10.22% of the investment, and the Emirates Overseas Tourism Investment Company, which holds a 0.4% stake. The Egyptian Hotel Company, listed on the Egyptian stock exchange, contributes 2.73%, while the Egyptian General Company for Tourism and Hotels, known as “Egyoth,” has a 2.37% stake. Both of these companies are subsidiaries of the government-owned Holding Company for Tourism and Hotels.

Yahya Qattab, the CEO of Abu Dhabi Tourism Development Company, expressed optimism that the hotel is expected to open by mid-2027. The company has been active in Egypt since 1988 and currently operates 1,500 hotel rooms. Qattab noted that the company is open to new projects to increase hotel capacity in Egypt, either independently or through partnerships.

The company operates hotels in key areas such as the Pyramids of Giza, Hurghada, and Sharm El Sheikh, and is considering investments in several locations including Old Cairo, the New Administrative Capital, and the North Coast.