The MoU was formally signed by Javier Aguela, Group President, Europe, Africa, and Middle East for Hyatt Hotels Corporation, and Basel Sami Saad, Chairman of ADD Properties.
Madbouly hailed the collaboration as a pivotal step in
solidifying Egypt's standing as a global investment and tourism destination. He
said the deal would enhance cooperation between local and international private
sectors and support growth in the hospitality and real estate industries.
Minister Fathy emphasized that the MoU's signing reflected
international confidence in Egypt’s economic prospects and the rapid expansion
of its tourism market. He said the agreement would help boost the capacity of
internationally branded hotels and serviced residential units to meet rising
demand from tourists.
The project, supported by an international financial
institution, involves a planned investment of around $265 million to develop
and expand hotel rooms and hotel-serviced residences. The initiative aims to
promote sustainable growth in Egypt’s tourism and real estate sectors.
The announcement follows recent success by ADD Properties,
which brought the Hyatt brand back to Egypt in 2022 with the launch of the
Hyatt Regency Cairo West, a 250-room hotel that has won multiple international
awards.
Building on that momentum, ADD opened the Hyatt Centric Cairo West, featuring 304 rooms and suites. The hotel is the first of its kind in Egypt and Africa to be branded as an “art hotel,” with 11 Egyptian artists contributing to its design to showcase local culture and creativity.