Madbouly: The agreement reflects the private sector's confidence in the investment climate and helps raise the quality of hotel services and meet growing demand for Egyptian destinations
Tourism Minister: It underlines the attractiveness of the Egyptian market and the creation of a competitive, stimulating investment environment
Housing Minister: New cities now have advanced infrastructure and top-level road networks and utilities
Marriott International: Egypt is one of the company's strategic markets given its promising tourism assets and continuous infrastructure development
Misr Italia: Launching 5 projects including 11 hotels with a total of 1,800 rooms and suites, creating 6,000 jobs in hospitality and targeting 373,000 tourists a year
Prime Minister Dr. Mostafa Madbouly witnessed, at the government headquarters in New Alamein City, the signing of an agreement between Marriott International, Misr Italia Properties and People & Places Developments to develop 11 hotels and resorts comprising more than 1,800 hotel rooms and suites across Egypt's leading coastal and urban destinations.
The signing was attended by Minister of Tourism and Antiquities Sherif Fathy; Minister of Housing, Utilities and Urban Communities Eng. Randa El Menshawy; Deputy Minister of Housing for Urban Communities Dr. Walid Abbas; and Eng. Adel El Naggar, Vice Chairman of Misr Italia Properties.
The agreement aims to expand the range of hotel experiences in Egypt and enrich luxury living options, in line with the state's ambitions to strengthen the tourism sector and affirm its position as an attractive destination for international investment. This will be achieved through the launch of 5 mixed-use projects including 11 hotels, residential projects and a standalone hotel, spread across the country's most prestigious coastal destinations and fast-growing cities.
The agreement was signed by Shady Hassan, Vice President of Hotel Development for North Africa at Marriott International, and Eng. Mohamed Khaled El Assal and Eng. Karim Khaled El Assal, CEO and Managing Director of Misr Italia Properties and co-founder of People & Places Developments.
Following the signing, Dr. Mostafa Madbouly said the agreement is a new step in implementing the state's strategy to boost tourism investment and increase hotel capacity, in line with the growth of Egypt's tourism sector. He stressed that the agreement reflects the private sector's confidence in the investment climate, helps raise the quality of hotel services and meets growing demand for Egyptian destinations, supporting the state's efforts to attract more tourists and maximize the tourism sector's contribution to the national economy, while creating new jobs and driving development across the governorates.
In a related context, Minister of Tourism and Antiquities Sherif Fathy said the signing of this protocol reflects the growing confidence that Egypt as a tourist destination enjoys among investors and major international hotel management companies, underlining the attractiveness of the Egyptian market and its continued growth amid the state's efforts to create a competitive and stimulating investment environment.
Fathy explained that the tourism sector is at the forefront of the sectors the state gives special attention to, through adopting investment-friendly policies and engaging with various visions and proposals that help accelerate tourism development and increase hotel capacity, keeping pace with the expected growth in tourist arrivals to Egypt.
The minister noted that one of the pillars of the ministry's current strategy is improving the competitiveness of tourism investment to attract local and international investment, helping to expand hotel capacity and raise the quality of services, supporting the state's targets for the tourism sector.
For her part, Minister of Housing, Utilities and Urban Communities Eng. Randa El Menshawy said the state pays great attention to developing tourism and hotel investment in the new cities, as one of the main pillars for making the most of the urban assets built in recent years. She noted that the new cities now have advanced infrastructure and top-level road networks and utilities, qualifying them to attract more local and foreign investment in this vital sector.
The housing minister explained that the ministry is working to provide diverse investment opportunities for hotels and tourism and entertainment projects, suited to the nature and competitive advantages of each city, especially coastal cities and cities with cultural and entertainment assets. She stressed that expanding this type of investment helps create new jobs, raise occupancy rates, support economic activity and improve the quality of life in the new cities.
She added that the ministry continues to strengthen its partnership with the private sector and provide various forms of support and facilities to investors, ensuring the rapid implementation of tourism and hotel projects to the highest standards of quality and sustainability. She stressed that maximizing returns from real estate and tourism assets in the new cities is one of the ministry's targets, helping to support the national economy and consolidate Egypt's position as a regional and international investment and tourist destination.
Meanwhile, Shady Hassan, Vice President of Hotel Development for North Africa at Marriott International, said the Egyptian market is one of the company's strategic markets, given its promising tourism assets, continuous infrastructure development and growing demand for luxury hospitality and internationally branded residences. He noted that the agreement reflects Marriott International's long-term commitment to the Egyptian market and its confidence that the tourism and hospitality sector will continue to achieve positive growth in the coming period.
He added that, through its cooperation with Misr Italia Properties and People & Places Developments, Marriott looks forward to adding a distinguished collection of internationally branded hotels, resorts and residences in a number of Egypt's leading tourist destinations, helping to support the competitiveness of the tourism and real estate sectors and enhance the quality of services offered.
For his part, Eng. Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties, revealed that hospitality is one of the main pillars of the company's strategy for expansion and sustainable growth, noting that the company's investments exceed EGP 56.7 billion. The ambitious expansion plans of Misr Italia Properties and People & Places Developments are expected to create around 6,000 direct and indirect jobs in the hospitality sector, while targeting nearly 373,000 tourists a year, supporting the state's efforts to develop the tourism sector and maximize its contribution to the national economy.
In the same context, Eng. Karim Khaled El Assal, CEO and Managing Director of Misr Italia Properties and co-founder of People & Places Developments, said the partnership with Marriott International is one of the cornerstones of achieving the company's vision in the hospitality sector.
He added that the cooperation has so far resulted in the development of a portfolio of more than 1,800 internationally branded hotel rooms and residences in a number of distinguished destinations across the country, adding that Marriott International's global expertise and the standing of its brands help deliver high-quality hospitality experiences and strengthen the company's ability to implement its expansion plans in line with the state's targets for developing the tourism sector.
This was according to the official Facebook page of Egypt's Cabinet.
