17-03-2025
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.
