Latest news with #ADTIC
Zawya
12-05-2025
- Business
- Zawya
Sofitel Legend Pyramids hotel project confirms progress and strategic alignment
Mr. Yahia Kotub, CEO of Abu Dhabi Tourism Investment Company (ADTIC), and Ms. Maud Bailly, Global CEO of Accor, conducted a joint site visit to the Sofitel Legend Pyramids hotel project, one of the most iconic luxury developments in Egypt and the region, to review construction progress and alignment with the set development timeline. Current Progress: 45% of piling and pre-construction works have been completed, with full construction and finishing works scheduled for completion by the first quarter of 2027. The hotel is expected to begin soft operations in Q3 2027, offering a refined luxury experience on the Giza Plateau. Strategic Timing: The project's advancement comes at a time of historic significance for Egyptian tourism, as the Grand Egyptian Museum is set to officially open on July 3rd, 2025. This milestone is expected to reposition the Giza area as a premier global cultural destination and will strongly support the hotel's promotional and strategic positioning. Partnership with Accor: The hotel will be operated by Accor, under the prestigious Sofitel Legend brand — the group's highest luxury tier, which is reserved for unique heritage properties around the world. This partnership reflects the strong strategic alignment between both companies and underscores a shared commitment to delivering world-class hospitality in Egypt. Statement by Mr. Yahia Kotub – CEO of ADTIC: 'We are proud of the progress made at Sofitel Legend Pyramids and believe that the hotel's unmatched location, combined with the momentum following the Grand Egyptian Museum opening, will create a globally distinctive hospitality experience. Our partnership with Accor is a cornerstone of our vision to deliver a sustainable and culturally inspired luxury offering.' Statement by Ms. Maud Bailly – Global CEO of Accor: 'This visit reaffirms our strong partnership with ADTIC and our joint ambition to create a truly iconic hotel at one of the world's most legendary sites. Sofitel Legend Pyramids is set to become a flagship property for our group and a new benchmark for luxury hospitality in the Middle East and Africa.'
Zawya
17-03-2025
- Business
- Zawya
ADTIC breaks ground on $120mn Sofitel Legend Pyramids Giza Hotel in Egypt
Abu Dhabi Tourism Investment Company (ADTIC), a subsidiary of the UAE-based, state-owned Abu Dhabi Fund for Development (ADFD), broke ground on the 440 million UAE dirhams ($120 million) Sofitel Legend Pyramids Giza project last week. The luxury five-star hotel will feature 302 rooms equipped with state-of-the-art amenities, a joint ADFD-ADTIC press statement said. ADFD is contributing 84.28 percent of the project's capital through ADTIC while ADX-listed Abu Dhabi National Hotels (ADNH) has contributed 10.22 percent. Egyptian entities investing in the project include Overseas Tourism Investment Company (0.4 percent), Misr Hotels Company (2.73 percent), and the Egyptian General Company for Tourism & Hotels (2.37 percent). Mohamed Saif Al Suwaidi, Director General of ADFD, said the project is a significant step in strengthening Egypt's tourism sector. "Through our partnership with Accor Group, we aim to elevate the tourism industry while supporting economic and social development in Egypt,' he said. ADTIC appointed French hospitality group Accor to manage and operate the hotel under the Sofitel brand in November 2024, according to a Zawya Projects report. The report said the hotel is anticipated to open in May 2027.
Zawya
17-02-2025
- Business
- Zawya
Egypt's ADTIC signs agreement with Accor to operate Mövenpick Hotel in Hurghada
Abu Dhabi Tourism Investment Company (ADTIC), majority-owned by the Abu Dhabi Development Fund (ADFD), has signed an agreement with Accor to rebrand and operate its 469-key hotel in Hurghada on Egypt's Red Sea coast. The hotel, set to undergo renovations, will transition from Mercure to Mövenpick, ADTIC announced in a press statement. ADTIC CEO Yahia Kotub confirmed that the company will invest 2.5 billion Egyptian pounds ($49 million) in the renovation and upgrade of the Mövenpick Hotel Hurghada. Development work is set to commence in the second half of 2025, with the first phase expected to be completed by March 2026. Accor, which already manages the Mövenpick Hotel in Sharm El Sheikh, is also preparing to oversee operations at the upcoming Sofitel Legend Hotel in Giza, the statement said. ADTIC is 84 percent owned by ADFD, with Abu Dhabi National Hotels Company holding a 10 percent stake. The remaining shares are distributed among Egyptian tourism and hotel companies affiliated with the Ministry of Public Business Sector. (1 US Dollar = 50.64 Egyptian Pounds) (Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
