Hyatt, Egypt's ADD Developments sign MoU for hotel expansion
Egyptian developer ADD Developments and Hyatt Hotels Corporation have signed a strategic memorandum of understanding to expand their hotel and branded residential investments in Egypt, backed by an investment plan of approximately $265m.
The Tuesday signing ceremony was witnessed by Egypt's Prime Minister Mostafa Madbouly and attended by Minister of Tourism and Antiquities Sherif Fathy. The agreement aims to increase hotel room capacity to meet the expected growth in tourist numbers to Egypt.
Madbouly welcomed the agreement, stating: 'We welcome this cooperation as a supportive step toward establishing Egypt's position as a global investment and tourism destination.'
The MoU was signed by Javier Águila, Group President for Europe, Africa, and the Middle East at Hyatt, and Basel Sami Saad, Chairperson of ADD Developments, which is part of the Sami Saad Holding group.
The Minister of Tourism and Antiquities, Sherif Fathy, said the agreement reflects the confidence of major global institutions in the future of the Egyptian economy and the potential of its tourism market. He described it as an important step toward increasing the capacity of hotels and branded residential units to accommodate expected growth in tourism.
The minister affirmed his ministry's full support for 'this type of qualitative investment that merges international quality with a unique Egyptian character,' adding that it will help provide innovative hospitality experiences.
The investment plan, which is supported by an international financial institution, totals around $265m and is designatedfor developing and increasing the number of hotel rooms and branded residential units.
The cooperation builds on ADD Developments' reintroduction of the Hyatt brand to Egypt in 2022 with the opening of the 250-room Hyatt Regency Cairo West. Following that opening, ADD launched the 304-room Hyatt Centric Cairo West, which is described as the first art-focused hotel in Egypt and Africa and features the work of 11 Egyptian artists.
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