UAE's ADFD launches $120mln hotel project in Egypt
Arab Finance: The Abu Dhabi Fund for Development (ADFD) has launched the Sofitel Legend Pyramids Giza project as part of its plans to boost strategic investments in Egypt's tourism sector, according to WAM News Agency.
With $120 million in investment, the luxury five-star hotel will feature 302 rooms provided with modern amenities, in addition to international restaurants and entertainment facilities.
The project is financed via a strategic partnership between the private sector of the UAE and Egypt. ADFD, through Abu Dhabi Tourism Investment Co. (ADTIC), is contributing 84.28% of the project's capital.
Meanwhile, Abu Dhabi National Hotels holds 10.22% of the project, Overseas Tourism Investment Company owns 0.4% equity, Misr Hotels Company owns 2.73%, and the Egyptian General Company for Tourism & Hotels owns 2.37%.
Mohamed Saif Al Suwaidi, Director General of ADFD, commented: 'The Sofitel Legend Pyramids Giza project is a significant step in strengthening Egypt's tourism sector, offering a world-class hotel experience that underscores our commitment to sustainable investments in promising markets.'
For his part, Adel Al-Najjar, the Governor of Giza, said: 'The Sofitel Legend Pyramids Giza project represents a transformative step in strengthening our tourism infrastructure, enabling us to attract visitors from around the world thanks to its strategic location near Egypt's most iconic archaeological sites.'
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