By Sama Marwan,
Dr. Mostafa Madbouly, Prime Minister of Egypt, chaired a meeting to follow up on the development plans by the Arab Company for Hotel and Tourism Investments (ICON) for managing and renovating seven historic hotels in Egypt, which were previously included in the government privatization program.
Madbouly emphasized that the purpose of the meeting was to track the progress of plans to renovate these historically and culturally significant hotels, which also have strong marketing potential. The aim is to fulfill the objectives of the “State Ownership Policy Document” by maximizing returns from these tourism assets through partnerships with the private sector. This would help improve operational efficiency, enhance the quality of services, and attract more guests and tourists.
Cabinet spokesperson Counselor Mohamed Al-Homsany stated that the meeting reviewed ICON’s plans to develop seven historic hotels located in Cairo, Alexandria, and Aswan. These hotels were part of a deal announced in December 2023, in which the company acquired a stake. The hotels include:
- Steigenberger Cecil Alexandria
- Old Cataract Aswan
- Mövenpick Aswan
- Sofitel Winter Palace Luxor
- Steigenberger El Tahrir (Cairo)
- Marriott Mena House (Giza)
- Marriott Omar Khayyam Zamalek
The spokesperson added that the meeting also discussed the ongoing work to restore and modernize these historic hotels as part of a renovation plan that preserves their architectural and cultural heritage. This strategy aims to enhance the touristic value of the properties and attract a broader range of tourists, while also ensuring effective regional and international promotion.
Al-Homsany further noted that the presented plans reflect significant investments being injected into these hotels. The current phase marks a major leap forward in terms of upgrading services to meet global hospitality standards, with the expectation of substantial returns for both the state and private investors.
