logo
ADFD unveils AED 440m Sofitel Legend Pyramids Giza to elevate Egypt's tourism sector

ADFD unveils AED 440m Sofitel Legend Pyramids Giza to elevate Egypt's tourism sector

Abu Dhabi Fund for Development (ADFD) has announced the launch of the Sofitel Legend Pyramids Giza, a landmark luxury hotel set to enhance Egypt's tourism industry and strengthen economic ties between the UAE and Egypt. The five-star property, valued at AED 440m ($120m), underscores the UAE's commitment to fostering global economic partnerships and sustainable development.
Featuring 302 elegantly designed rooms with state-of-the-art amenities, the hotel will offer a premier hospitality experience. It will also house a selection of international restaurants and entertainment facilities, establishing itself as a top-tier destination for luxury travelers.
The project is backed by a strategic partnership between the UAE and Egyptian private sectors. ADFD is contributing 84.28% of the project's capital through Abu Dhabi Tourism Investment Company (ADTIC), with additional shares held by Abu Dhabi National Hotels (10.22%), Overseas Tourism Investment Company (0.4%), Misr Hotels Company (2.73%), and the Egyptian General Company for Tourism & Hotels (2.37%).
The foundation stone was laid by Giza Governor Adel Al-Naggar and ADFD Director General Mohammed Saif Al Suwaidi, alongside officials from both nations. The hotel will be managed by Accor Group, a globally renowned hospitality brand, ensuring world-class service and guest experiences.
Mohammed Saif Al Suwaidi stated: 'The Sofitel Legend Pyramids Giza project is a milestone in strengthening Egypt's tourism sector. Through our partnership with Accor Group, we aim to enhance the country's hospitality landscape while reinforcing our commitment to sustainable investments and economic growth.'
Giza Governor Adel Al-Naggar emphasized the project's strategic significance, noting: 'This development will elevate Egypt's tourism infrastructure, attracting visitors from around the world thanks to its prime location near our most iconic archaeological sites.'
This investment aligns with the UAE's broader vision of supporting Egypt's national development agenda and advancing the United Nations Sustainable Development Goals (SDGs), particularly Goal 8 (Decent Work and Economic Growth) and Goal 9 (Industry, Innovation, and Infrastructure).

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

EDGE and FAB Sign Strategic Agreement to Build a Resilient Financial Ecosystem - Middle East Business News and Information
EDGE and FAB Sign Strategic Agreement to Build a Resilient Financial Ecosystem - Middle East Business News and Information

Mid East Info

time4 hours ago

  • Mid East Info

EDGE and FAB Sign Strategic Agreement to Build a Resilient Financial Ecosystem - Middle East Business News and Information

EDGE will leverage FAB's Supply Chain Finance SCF solution for innovative financing opportunities at all stages of EDGE's supply chain, while the AI-powered Treasury Management System TMS will automate treasury operations Abu Dhabi, UAE: June 2025 – EDGE Group, one of the world's leading advanced technology and defence groups, has entered a strategic partnership with First Abu Dhabi Bank (FAB), the UAE's global bank. The agreement covers two major financial initiatives: the implementation of FAB's advanced Supply Chain Finance (SCF) solution and the deployment of its AI-powered Treasury Management System (TMS). Hamad Al Marar, Managing Director and CEO of EDGE said: 'Our partnership with FAB is a strategic enabler of EDGE's global industrial ambitions. It reinforces the financial architecture required to operate at scale, with speed and resilience. In an increasingly competitive and complex environment, this alignment ensures we remain agile, well-capitalised, and positioned for sustained international growth.' Martin Tricaud, Group Head of Wholesale Banking at First Abu Dhabi Bank (FAB), said: 'FAB's partnership with EDGE marks a step forward in building a more resilient supplier ecosystem. We recognise that effective cashflow and supply chain finance are fundamental to sustainable business models. By combining our global expertise with innovative financial solutions, we are enhancing financial agility and enabling long-term value creation.' Through FAB's digital SCF solution, EDGE provides local and international suppliers access to early, low-cost financing, which enhances supplier trust, improves commercial terms, and ensures continuity across critical operations. EDGE's deployment of FAB's AI-powered TMS represents the largest to date. The solution delivers real-time cash visibility, advanced forecasting capabilities, and integrated risk management tools, enabling EDGE to automate treasury operations and optimise liquidity across the Group. The platform provides protection for interest rate risk and FX risk, while improving financial agility, investment planning, and funding. Rodrigo Torres, Group Chief Financial Officer of EDGE, said: 'This partnership reflects EDGE's commitment to embedding financial sophistication and innovation at the core of our operations. By integrating FAB's advanced SCF and AI-powered TMS platforms, we are optimising liquidity and supplier performance while also reinforcing our ability to manage risk and scale with confidence. To date, over AED 1.6 billion in invoices have been processed, unlocking more than AED 1.2 billion in off-balance sheet financing. These solutions enable real-time cash control, intelligent forecasting, and stronger financial governance across the Group – all of which are critical to supporting our long-term growth strategy and industrial objectives.' About EDGE: Launched in November 2019, the UAE's EDGE is one of the world's leading advanced technology groups, established to develop agile, bold and disruptive solutions for defence and beyond, and to be a catalyst for change and transformation. It is dedicated to bringing breakthrough innovations, products, and services to market with greater speed and efficiency, to position the UAE as a leading global hub for future industries, and to creating clear paths within the sector for the next generation of highly-skilled talent to thrive. With a focus on the adoption of 4IR technologies, EDGE is driving the development of sovereign capabilities for global export and for the preservation of national security, working with front-line operators, international partners, and adopting advanced technologies such as autonomous capabilities, cyber-physical systems, advanced propulsion systems, robotics and smart materials. EDGE converges R&D, emerging technologies, digital transformation, and commercial market innovations with military capabilities to develop disruptive solutions tailored to the specific requirements of its customers. Headquartered in Abu Dhabi, capital of the UAE, EDGE consolidates more than 35 entities into six core clusters: Platforms & Systems, Missiles & Weapons, Space & Cyber Technologies, Trading & Mission Support, Technology & Innovation, and Homeland Security.

Dollar Declines against Egypt Pound to 49.40
Dollar Declines against Egypt Pound to 49.40

See - Sada Elbalad

time5 hours ago

  • See - Sada Elbalad

Dollar Declines against Egypt Pound to 49.40

Taarek Refaat The US dollar exchange rate witnessed a significant decline against the Egyptian pound on Wednesday, in a number of banks. Most major banks recorded selling prices ranging between EGP 49.40 and EGP 49.68, reflecting the continued slight decline in the dollar's value in the banking market. The Suez Canal Bank recorded the lowest buying price for the dollar at EGP 49.40, while the National Bank of Kuwait recorded the highest selling price at EGP 49.68. At the central Bank of Egypt the greenback recorded to buy 49.42 and 49.56 to sell following Eid Al-Adha weekend. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

Egypt's Exports to BRICS Up 31.5% to $905 Million
Egypt's Exports to BRICS Up 31.5% to $905 Million

See - Sada Elbalad

time5 hours ago

  • See - Sada Elbalad

Egypt's Exports to BRICS Up 31.5% to $905 Million

Taarek Refaat The Central Agency for Public Mobilization and Statistics (CAPMAS) released a report on Wednesday "Egypt and BRICS countries", reviewing Egypt's exports to the group. The report indicated that The Egyptian exports to the bloc increased from $688 million to $905 million, a 31.5% increase, between January and December 2024, since Egypt joined the bloc. Egyptian imports from BRICS countries also increased from $2,410 million to $3,376 million, a 40.1% increase, between January and December. The most important commodity groups exported by Egypt are: inorganic and miscellaneous chemical products and fertilizers; fuels and mineral oils; fruits, vegetables. The most important commodity groups imported by Egypt are: grains, fuels, mineral oils, and their distillation products, plastics and their products, electrical machinery and appliances. BRICS investments in Egypt contributed $4.4 billion during the FY2022/23, with Saudi Arabia ranking first in terms of its investment contribution to Egypt. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store