Tag Archives: ADQ

Abu Dhabi’s ADQ unveiled plans to develop Ras El Hekma as a leading one of a kind Mediterranean holiday destinations and will invest USD35 billion in Egypt and acquire the development rights for Ras El-Hekma for USD24 billion to develop the region into one of the largest new city developments by a private consortium. The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential. Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometres northwest of Cairo. The Egyptian government will retain a 35 per cent stake in the Ras El-Hekma development. As part of this investment, ADQ will also convert USD11 billion of deposits that will be utilised for investment in prime projects across Egypt to support its economic growth and development. The signing ceremony was attended by Mostafa Madbouly, Prime Minister of Egypt, Jassem Mohamed Bu Ataba Alzaabi, Vice Chairman of ADQ, and Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ. Spanning over 170 million square metres, Ras El-Hekma will feature tourism amenities, a free zone and an investment zone combining, among else, residential, commercial, and recreational spaces with connectivity domestically and internationally. ADQ, leveraging its expansive portfolio and partners, aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination adopting the latest cutting edge digital and technological smart city solutions. ADQ intends to leverage Egyptian and international partners as part of its development and investment plans. Work is expected to commence in early 2025. ADQ’s decision to invest in Ras El-Hekma is underpinned by …

ADQ and ADNEC Group have signed definitive agreements for the strategic acquisition of a 40.5 per cent stake in Egypt-based Talaat Moustafa Group (TMG) Holding’s hospitality arm, ICON Group, through a capital increase. ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt. The group owns four operational hotels – Four Seasons Cairo at Nile Plaza, Kempinski Nile Hotel Cairo, Four Seasons Sharm El Sheikh and Four Seasons Alexandria at San Stefano – and has three hotels and luxury residential real estate assets currently under development, such as the Four Seasons in Madinaty and Luxor and Radisson Collection in Marsa Alam, and one hotel under design, the Four Seasons at The Pyramids. ADQ and ADNEC will invest through a special purpose vehicle, with 49 per cent equity ownership by ADQ and 51 per cent equity ownership by ADNEC. The transaction represents a major foreign direct investment (FDI) in Egypt and marks a vote of investor confidence in the Egyptian tourism and hospitality sector. The investment by ADQ and ADNEC in TMG’s hospitality arm will be used partially to de-leverage the existing debt of ICON, with the remaining used for the acquisition of a stake through ICON in the portfolio of seven luxury heritage hotels owned by the Egyptian Government, for which definitive agreements have been signed. The seven hospitality assets include Marriott Cairo Omar Khayyam Zamalek, Marriott MENA House Cairo, Sofitel Winter Palace Luxor, Sofitel Legend Old Cataract Aswan, Steigenberger Cecil Hotel Alexandria, Steigenberger Hotel El Tahrir Cairo and Mövenpick Resort Aswan. Post-transaction, ICON will have a combined portfolio of 15 luxury and upscale …