The meeting was attended by Sherif Fathy, Minister of Tourism and Antiquities; Engineer Mohamed Shimi, Minister of the Public Business Sector; Engineer Hassan El Khatib, Minister of Investment and Foreign Trade; and Engineer Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding.
Madbouly stressed that this meeting aims to follow up on the implementation of plans to develop these historic hotels, which possess significant cultural value and promising marketing potential. This is part of achieving the objectives of the State Ownership Policy Document, which aims to maximize returns from these tourism assets through partnerships with the private sector. This will contribute to the development of these hotels, raise their operational efficiency, and attract greater numbers of visitors and tourists.
Counselor Mohamed El-Homsani, the official spokesperson for the Cabinet, stated that the meeting reviewed the plans of the Arab Company for Hotel and Tourism Investments (ICON) to develop seven historic hotels in Cairo, Alexandria, and Aswan, of which it acquired a percentage as part of a deal announced in December 2023. These hotels include the Steigenberger Cecil Alexandria, Cataract Aswan, Mövenpick Aswan, Sofitel Winter Palace Luxor, Steigenberger Tahrir, Marriott Mena House, and Marriott Omar Khayyam Zamalek.
El-Homsani added that the ongoing development and modernization of these historic hotels was discussed, as part of a plan to restore the hotels while preserving their architectural and cultural character. This is in an effort to enhance the added value of these buildings to attract a larger segment of tourists, and promoting them regionally and globally.
He added that the presented plans reflect significant investment in these hotels, noting that the current period is witnessing a major shift in renovating these hotels and improving services to meet global hospitality standards. He also expected significant returns for the state and investors in these hotels.