Arab Finance: Egypt’s state-owned Holding Company for Tourism and Hotels (HOTAC) and its subsidiaries are targeting consolidated revenues of EGP 9.4 billion and a net profit of EGP 5.5 billion during the current fiscal year (FY) 2026/2027, as per a statement.
The targets form part of the estimated budget approved by HOTAC’s General Assembly during a meeting chaired by Deputy Prime Minister for Economic Affairs Hussein Eissa.
The budget is intended to support tourism investment, develop state-owned assets, and increase their financial returns, according to a statement.
Eissa said the government is moving ahead with a comprehensive program to restructure state-owned companies and improve their financial and operational performance. The program seeks to make better use of public assets, increase their economic returns, and strengthen the companies’ competitiveness and contribution to the economy.
The government is also seeking to expand private-sector participation as it improves the management of public assets, he added. Its approach includes forming more partnerships with private companies, introducing professional management practices, and strengthening governance and transparency.
Turning to the tourism sector, Eissa called for continued improvements in hotel services and operating efficiency, alongside faster digital transformation and the adoption of modern hotel management and marketing methods.
He also stressed the importance of investing in staff training, upgrading tourism and hotel facilities, revitalizing historic properties, and expanding hotel capacity to accommodate rising demand.
HOTAC Non-Executive Chairman Mohamed Maged El-Menshawy said the company’s investment plan for 2026 to 2030 envisages nearly $1 billion in short-, medium-, and long-term investments.
The plan includes adding around 1,700 hotel rooms and bringing international hotel brands to Egypt for the first time. It also covers the restoration and modernization of historic properties, including the Shepheard Hotel on Cairo’s Nile Corniche, the Continental Hotel, and The Nile Ritz-Carlton in downtown Cairo.
Beyond the capital, HOTAC plans hotel expansions across several governorates. These include an extension of the Steigenberger Hotel El Lessan in Ras El Bar, the Jaz Aisla resort in Marsa Alam, the development of Gate Beach Hotel in Ain Sokhna, and an expansion of Aura Resort on the North Coast.
The portfolio also includes plans to repurpose the Qasr El-Qattan building in Alexandria for hotel and real estate uses, develop Four Seasons Hotel Luxor in partnership with the private sector, and establish what the company described as Egypt’s first plastic wood factory.
HOTAC Executive Managing Director Amr Attia also reviewed the targeted results, the mechanisms for carrying out the FY 2026/2027 budget, and measures to support the capital and financing structures of the company’s subsidiaries.
Among the projects underway or recently completed are the development of Nefertari Hotel in Abu Simbel, Aswan, and Aracan Hotel in Ras El Bar in partnership with the private sector. The company is also developing Retac hotels in Dahab and El-Arish.
HOTAC’s portfolio extends to sound-and-light shows at archaeological sites. Work includes upgrading the show at the Giza Pyramids through a private-sector partnership and expanding the use of virtual reality (VR) technology at tourism and archaeological destinations.
VR experiences have already been introduced at the Giza Pyramids, while further installations are being prepared at Cairo International Airport and Karnak Temple in Luxor.
Other projects include modernizing the tourist transport fleet operated by Misr Travel, introducing an enterprise resource planning (ERP) system across HOTAC’s subsidiaries, and developing real estate projects on the North Coast and in Alexandria’s Maamoura and Ibrahimia districts, as well as Port Said.
The company also plans to establish a tourist restaurant in Khan El-Khalili and expand the role of hotel institutes affiliated with the Egyptian General Company for Tourism and Hotels (EGOTH), as part of efforts to utilize its assets, diversify its investment portfolio, and strengthen the competitiveness of Egypt’s tourism sector.
