logo
ADFD launches AED 440mln Sofitel Legend Pyramids Giza project to boost Egypt's tourism sector

ADFD launches AED 440mln Sofitel Legend Pyramids Giza project to boost Egypt's tourism sector

Zawya14-03-2025

Abu Dhabi – As part of its efforts to support and revitalize Egypt's tourism sector and enhance strategic investments, the Abu Dhabi Fund for Development (ADFD) has announced the launch of the 'Sofitel Legend Pyramids Giza' project. This luxury five-star hotel will be a landmark addition to the hospitality and tourism sector in Egypt and the broader Middle East, reinforcing the UAE's commitment to advancing global economic partnerships and supporting sustainable development.
Valued at AED 440 million (US$ 120 million), the project will feature 302 rooms equipped with state-of-the-art amenities. The hotel will also house a selection of international restaurants and entertainment facilities, positioning it as a premier destination for luxury hospitality.
The project is financed through a strategic partnership between the private sectors of the UAE and Egypt. ADFD is contributing 84.28% of the project's capital through Abu Dhabi Tourism Investment Company (ADTIC). Additionally, Abu Dhabi National Hotels owns 10.22%, Overseas Tourism Investment Company holds 0.4%, Misr Hotels Company owns 2.73%, and the Egyptian General Company for Tourism & Hotels owns 2.37%.
The foundation was jointly laid by H.E Mohamed Saif Al Suwaidi, Director General of ADFD, Engineer Adel Al-Najjar, the Governor of Giza, from the Egyptian government, and the presence of officials from both sides.
Blending rich history with modern luxury, the project promises an exceptional hospitality experience that meets the highest international standards. Abu Dhabi Tourism Investment Company is partnering with Accor Group, a globally renowned hospitality brand, to manage the hotel and ensure excellence in service and guest experience.
H.E Mohamed Saif Al Suwaidi, said: '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. Through our partnership with Accor Group, we aim to elevate the tourism industry while supporting economic and social development in Egypt.'
He called this investment a reflection of ADFD's commitment to advancing sustainable development projects and driving investment partnerships that fuel economic growth in partner countries.'
Engineer Adel Al-Najjar, expressed gratitude to ADFD for its continued support. 'We appreciate Abu Dhabi Fund for Development's commitment to supporting Egypt's development projects, particularly in key economic sectors like tourism. 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.'
He noted that this project is a model for successful investment collaboration between Egypt and the UAE. 'We look forward to expanding such partnerships to further our sustainable development goals,' he said.
By blending luxury hospitality with Egypt's rich cultural heritage, the Sofitel Legend Pyramids Giza project will strengthen the country's position as a premier global tourist destination. Its strategic location near iconic landmarks will attract visitors from around the world, creating new investment opportunities and driving the sustainable growth of Egypt's tourism sector.
Through investments in transformative infrastructure projects like this, the UAE reaffirms its commitment to supporting Egypt's national development agenda while advancing the United Nations Sustainable Development Goals (SDGs), particularly Goal 8 (Decent Work and Economic Growth) and Goal 9 (Industry, Innovation, and Infrastructure).
Fatin Elkhalil
Senior Account Manager
APCO
Podium 3, Unit C40-P3-39, YAS Creative HUB, YAS Island
Abu Dhabi, United Arab Emirates
(m) +971 55 5432671
felkhalil@apcoworldwide.com

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Asian markets extend gains as China-US talks head into second day
Asian markets extend gains as China-US talks head into second day

Al Etihad

time3 hours ago

  • Al Etihad

Asian markets extend gains as China-US talks head into second day

10 June 2025 08:33 Hong Kong (AFP) Asian stocks squeezed out more gains Tuesday as the latest round of China-US trade talks moved into a second day, with one of Donald Trump's top advisers saying he expected "a big, strong handshake".There is optimism the negotiations -- which come after the US president spoke to Chinese counterpart Xi Jinping last week -- will bring some much-needed calm to markets and ease tensions between the economic advances in Asian equities built on Monday's rally and followed a broadly positive day on Wall Street, where the S&P 500 edged closer to the record high touched earlier in the week's meeting in London will look to smooth key issues on the agenda at the talks are expected to be exports of rare earth minerals used in a wide range of things including smartphones and electric vehicle batteries."In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he he said he expected "a big, strong handshake" at the end of the talks."Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett also said the Trump administration might be willing to ease some recent curbs on tech president told reporters at the White House: "We are doing well with China. China's not easy."I'm only getting good reports."Tokyo led gains in Asian markets, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta also well up."The bulls will layer into risk on any rhetoric that publicly keeps the two sides at the table," said Pepperstone's Chris Weston."And with the meeting spilling over to a second day, the idea of some sort of loose agreement is enough to underpin the grind higher in US equity and risk exposures more broadly."Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy amid warnings Trump's tariffs will refuel inflation strengthening the argument to keep interest rates on it also faces pressure from the president to cut rates, with bank officials due to make a decision at their meeting next week. While recent jobs data has eased concerns about the US economy, analysts remain cautious. Stock Markets Continue full coverage

Dubai Unveils Iconic Blue Line Metro Expansion with Record‑Breaking Station
Dubai Unveils Iconic Blue Line Metro Expansion with Record‑Breaking Station

Arabian Post

time4 hours ago

  • Arabian Post

Dubai Unveils Iconic Blue Line Metro Expansion with Record‑Breaking Station

Arabian Post Staff -Dubai Dubai's Crown Prince Sheikh Mohammed bin Rashid Al Maktoum has marked the commencement of work on the long-planned Dubai Metro Blue Line, laying the foundation stone for its first station—an architectural masterpiece poised to become the world's highest metro stop at 74 metres. The AED 56 billion project will see construction of a 30 km rail corridor featuring 14 stations and 15.5 km of tunnels. When completed in 2029, it will extend Dubai's transit network to 131 km with 78 stations, serviced by 168 trains. Laying out the design, Sheikh Mohammed described the station—named 'Emaar Properties'—as an 'architectural icon' that aligns with Dubai's cultural landmarks. Designed by Skidmore, Owings & Merrill, the station spans approximately 11,000 m² and is expected to handle 160,000 passengers daily, rising to 70,000 by 2040. Built to bridge Dubai Creek via a 1.3 km viaduct, the alignment also encompasses advanced sustainable features and full Platinum-level green building certification. ADVERTISEMENT The Blue Line will connect nine key districts, from Bur Dubai/Deira through Dubai Silicon Oasis to Academic City, also establishing interchanges with the existing Red and Green lines at Al Rashidiya and Al Jaddaf respectively. Travel time is expected to be between 10 and 25 minutes, with a projected ridership of 200,000 by 2030 and up to 320,000 by 2040. Oversight for the project was awarded five months ago to a consortium led by Turkey's MAPA and Limak, with China's CRRC delivering rail systems. The contract, valued at AED 20.5 billion, follows an international tender detailed by the Roads and Transport Authority. Construction began in April under RTA supervision and is slated to complete by September 2029, coinciding with the Metro's 20th anniversary. The Blue Line is not only a transport project but also a key driver of Dubai's broader economic and urban strategy, under the Dubai 2040 Urban Master Plan. Analysts predict it could deliver AED 2.60 in economic, social, and environmental benefits for every dirham invested by 2040, with potential reduction of road congestion by 20% and a 25% uplift in land values near stations. At a ceremony held on June 9 2025, Sheikh Mohammed was accompanied by Mattar Al Tayer, RTA Director‑General, and representatives from the MAPA-Limak-CRRC group, as he laid the foundation stone for the Emaar Properties Station in Dubai Creek Harbour. The station's design reflects a fusion of traditional stone, bronze, and glass to evoke a modern heritage, with natural lighting enhancing passenger experience. Beyond the landmark station, the Blue Line includes Dubai's largest underground interchange station at International City 1, covering 44,000 m² and capable of processing 350,000 passengers per day. The elevated–subterranean route is engineered for flexibility: a Y‑junction system allows trains to run directly from Academic City to either Creek or Centrepoint without passenger transfers. ADVERTISEMENT An important feature of the new line is the metro's first-ever bridge spanning Dubai Creek—a 1.3 km link set to provide scenic and efficient connectivity between the city's burgeoning north‑east and the urban core. Emaar Properties has secured naming rights for the iconic station under a ten-year agreement beginning at its 2029 inauguration. Similar agreements for other stations are expected to follow. Since opening in 2009, the Dubai Metro has carried over 2.5 billion passengers, averaging 900,000 day-to-day users. With the Blue Line operational, that figure is projected to only grow—annual ridership is expected to surpass 300 million by 2026. SOM's involvement as design lead brings a legacy of landmark architecture—its portfolio includes global icons such as the Burj Khalifa, New York's Olympic Tower, and Chicago's Willis Tower. The firm's concept of a 'crossing gateway' symbolises Dubai's ambition to blend aesthetics and connectivity in its infrastructural projects. As Dubai develops rapidly under its 2040 plan, transport-oriented infrastructure such as the Blue Line serves multiple objectives: reducing road travel times, supporting high-density developments like Dubai Creek Harbour and Academic City, and promoting sustainable urban growth. Amenities across Blue Line stations will include bus bays, taxi ranks, bike and e-scooter zones, and full accessibility provisions tailored to 'people of determination'. The $5.6 billion deal for the Blue Line contract, confirmed by Reuters in December 2024, sets high expectations for the consortium's delivery through to 2029. Monthly monitoring by the RTA forecasts a phased construction schedule that aligns with urban expansion milestones tied to Expo City Dubai and continuing population growth. By 2040, the RTA projects that the Metro network will serve 320,000 riders per day on the Blue Line alone, integrated with over 80% of city services reachable within a 20-minute public transit ride—supporting the '20‑Minute City' goal. The Blue Line is expected to be a catalyst for new patterns of mobility, shaping development in under-served districts like Mirdif, Al Warqa, and Ras Al Khor, while reinforcing Dubai's status as a testbed for smart and sustainable infrastructure. The combination of landmark design, intermodal connectivity, and environmental ambition positions the line as a model for future metro expansions globally.

Prospect & Mulk Properties launch ‘The LX' in Arjan, Dubai
Prospect & Mulk Properties launch ‘The LX' in Arjan, Dubai

ME Construction

time4 hours ago

  • ME Construction

Prospect & Mulk Properties launch ‘The LX' in Arjan, Dubai

Property Prospect & Mulk Properties launch 'The LX' in Arjan, Dubai By The LX is set for handover in Q3 2027 with 71 premium boutique office units and two retail spaces Prospect and Mulk Properties have launched 'The LX', a US $94.5mn boutique office and retail development in Arjan, Dubai. The project was unveiled at a launch event held at the Waldorf Astoria, Palm Jumeirah and aims to meet the growing demand for premium commercial spaces in the city. One Broker Group (OBG) will be the exclusive sales partner for The LX, the statement confirmed. The LX is set for handover in Q3 2027 with 71 premium boutique office units and two retail spaces. The offering is said to represent a rare opportunity for modern businesses and discerning investors to own commercial assets in a location experiencing 'unprecedented growth'. With Dubai witnessing an all-time high demand for flexible, high-specification office spaces, The LX is poised to fill a significant gap in Dubai's commercial real estate sector. Mulk Properties brings international development expertise and long-term vision to the partnership. Dubai's commercial market is undergoing a significant shift, moving away from generic office towers towards purpose built, design-led spaces that prioritise community integration, functionality, and long-term investment value. This launch coincides with this transformative trend, the statement explained. 'The LX marks our strategic entry into Dubai's commercial property segment, and we've done so with intention and insight,' said Nawab Shaji Ul Mulk, Chairman of Mulk International. 'Our focus has always been on high-impact, future-proof developments. With Arjan's explosive growth and limited premium office supply, The LX provides the kind of asset that can define the district. Together with Prospect and OBG, we're setting a new benchmark for what boutique commercial development in Dubai should look like.' 'The LX isn't just another commercial development it's a targeted solution to an urgent market demand,' added Rajat Verma, Co-founder of Prospect. 'Our goal has always been to develop where demand is real and rising. As Dubai grows, so does the need for smart, well-located business infrastructure. Arjan is on the cusp of a commercial renaissance, and The LX will be at the forefront of that transformation. This project exemplifies Prospect's vision of delivering high-return assets in high-potential areas.' 'What sets The LX apart is not just its design or pricing – it's how perfectly it aligns with the market's future,' remarked Umar Bin Farooq, Founder & CEO of One Broker Group. 'We're witnessing a major shift in how commercial real estate is being utilised in Dubai. Businesses want flexibility, quality, and connectivity. Arjan offers all three, and The LX delivers on them at a premium standard. We're proud to represent a development that understands what the market truly needs.' With direct access to major highways, Al Barsha South, Jumeirah Village Circle, and Dubai Science Park, Arjan is one of the few remaining zones offering centrality without congestion. With thousands of new residential units being delivered, the demand for adjacent commercial infrastructure is rising sharply. The LX directly supports this growth by offering a professionally designed, investor-grade asset that balances prestige with practicality. The project exemplifies how visionary partnerships between developers and expert sales strategists can reshape Dubai's commercial real estate future. The LX, drawing strong interest from investors, SMEs, and entrepreneurs seeking a growth-focused location with ROI potential, is led by One Broker Group, which holds the exclusive sales mandate, the statement concluded.

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