The Qatar Investment Authority intends to launch tourism, hotel and hospitality projects in Egypt according to the Head of Investment in Africa and Asia at QIA, Faisal bin Thani Al Thani.
This came during a meeting held by Egyptian Prime Minister Mostafa Madbouly with Al Thani, who is heading a delegation that includes officials of the international company Accor for Hotels and Hospitality.
The meeting dealt with the results of President Abdel Fattah al-Sisi’s recent visit to Qatar.
Madbouly gave explanation about the plans to establish a global tourist area west of the city of el-Alamein, on the coastal strip extending for a distance of six kilometers, that would attract three million tourists annually.
Egypt PM reviewed for the Qatari delegation the investment opportunities in hotels, which the Egyptian state intends to open the door to the foreign private sector to participate in its management.
Qatar is ‘enthusiastic’
For his part, Faisal bin Thani Al Thani said that QIA is “enthusiastic” to launch projects in the tourism and hotel sectors in Egypt, whether in existing hotels, or through new investments and construction.
In the same context, the CEO of Accor said that they are already in Egypt with investments through the right to use the management of the Sofitel el-Gezirah Hotel, and other hotels.
He added that the company considers Egypt one of its three most important investment destinations in the region, and that the company has great interest in the Egyptian market.