Egypt secures $265m ADD-Hyatt investment deal

Egypt’s Prime Minister Moustafa Madbouly witnessed Tuesday the signing of a $265 million strategic memorandum of understanding between ADD Properties, a member of Sami Saad Holding Group, and Hyatt Hotels to boost hotel and residential investments in Egypt.

The Prime minister praised the collaboration as a key move to strengthen Egypt’s global investment and tourism status, emphasising the value of partnerships between local and international private sectors in hotel and real estate development.

Sherif Fathy, minister of Tourism, said the agreement reflects global confidence in Egypt’s economic prospects and rapidly growing tourism market, noting the MoU aims to expand Egypt’s branded hotel capacity to meet rising visitor numbers.

The investment plan, supported by an international financial institution, targets the development of new hotel rooms and branded residences, according to a Cabinet statement.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama

Subediting: Y.Yasser