CAIRO – Prime Minister Mostafa Madbouli witnessed on Tuesday the signing ceremony of a strategic Memorandum of Understanding (MoU) between ADD real estate company, a subsidiary of Sami Saad Holding Group, and Hyatt Hotels Corporation, in the presence of Tourism and Antiquities Minister Sherif Fathy.
The agreement aims to boost the accommodation capacity of hotel rooms in order to meet the expected increase in numbers of tourists visiting Egypt through expanding branded hotel and residential investments in key areas across the country.
The premier welcomed that partnership, lauding such fruitful cooperation that supports Egypt’s position as a global investment and tourism destination.
He also emphasized the importance of strengthening partnerships between local and international private sector companies to achieve comprehensive development in the hotel and real estate sectors.
For his part, the minister of tourism noted that the MoU reflects the confidence of major international institutions in the future of Egypt’s economy and in the capabilities of its tourism market, which is witnessing promising and rapid growth.
The minister also stressed that the agreement is an important step in expanding the hotel and branded residential unit capacity to cope with the expected rise in tourist numbers.
He affirmed the full support of the Tourism Ministry for these high-quality investments that combine international standards with Egypt’s unique character.
Such projects, he said, contribute to offering innovative hospitality experiences that meet the expectations of tourists from around the world and showcase Egypt’s cultural and artistic uniqueness.
