ABU DHABI TOURISM INVESTMENT COMPANY IS INVESTING $161MLN IN HOTEL PROJECTS IN EGYPT – CEO

Abu Dhabi Tourism Investment Company (ADTIC), majority-owned by the UAE-based Abu Dhabi Development Fund (ADFD), is investing $161 million in hotel projects in Egypt. The projects include the renovation of existing properties, ADTIC's CEO Yahya Kotub told Zawya Projects. He said the company has allocated around $81 million to renovate two hotels in Sharm El Sheikh and Hurghada. The renovated hotel will feature a total of 298 rooms, he said. Kotub also disclosed plans for the expansion of another hotel in Sharm El Sheikh following the completion of its ongoing renovation. The expansion phase will include the addition of 120 rooms. He said the company plans to add new hotels in emerging tourist destinations like Aswan, Marsa Alam, the North Coast, the New Administrative Capital, New Cairo and Downtown Cairo. Additionally, ADTIC will also evaluate acquisitions of restaurants and hospitality companies. Source: Zawya