Saturday 22 Feb
Abu Dhabi Tourism Investment Company (ADTIC), owned by the Abu Dhabi Development Fund, will invest approximately 2.5 billion Egyptian pounds to upgrade the Mercure Hurghada Hotel to a Mövenpick. CEO Yahya Qutb announced the company signed a management and operation agreement with Accor Group to rebrand the 469-room hotel.
The development project is slated to begin in the second half of this year, with the first phase expected to be completed by March 2026. ADTIC is 84% owned by the Abu Dhabi Development Fund, 10% by Abu Dhabi National Hotels Company, and the remainder by companies affiliated with the Egyptian Ministry of Public Business Sector.
Accor will also manage the Mövenpick in Sharm El-Sheikh and the upcoming Sofitel Legend in Giza. Qutb stated this investment reflects ADTIC's strategy to expand its presence in Egypt, develop tourism infrastructure, attract more tourists, and offer luxury experiences showcasing Egypt's cultural heritage.
