Afifi Investment Group seeks to acquire a number of hotels with investments of EGP 2 billion in conjunction with «COP27»

Mahmoud Afifi, Chairman of Afifi Investment Group, announced the group’s intention to inject new investments in Sharm El-Sheikh, by investing in four and five-star hotels, through the group’s “Universal Tourism Investment” company.

This coincides with the city’s hosting of the Conference of the Parties to the United Nations Convention on Climate Change “COP 27”, from 8 to 16 November, which will host more than 197 countries participating in the conference, and for the first time in Sharm El Sheikh, hotels are fully booked during the conference period.

Afifi said: “We will pump $100 million into the tourism sector during the coming period, equivalent to 2 billion Egyptian pounds, and we will acquire 4 and 5-star hotels according to the available opportunities.”

Previously, Afifi Group acquired Uni Sharm Hotel, with investments of 400 million pounds, to modernize it and move it from the “3-star” to “4-star” category, including the establishment of a commercial front for the entire hotel.

Chairman of Afifi Investment Group stressed the importance of these investments in conjunction with the Climate Conference, which contributes to attracting more foreign capital, and rediscovers the city in terms of tourism again, especially with regard to attracting higher segments, which is what we all target, especially after the success of The political leadership in restoring Sharm el-Sheikh to its usual splendor, through this awaited international conference, which is a shift in the history of the important coastal city.

Afifi thanked the Governor of South Sinai, Major General Khaled Fouda, in light of his continuous encouragement of tourism investment in Sharm El Sheikh, which is one of the most important items in which the group will pump its investments during the coming period, in addition to agricultural, health and educational investment.

He attributed the group’s focus Sharm El-Sheikh city to its great importance, especially with the interest of the Kingdom of Saudi Arabia in “NEOM” project, which will positively contribute to attracting a different segment of tourists to the city.

Mahmoud Afifi is the Chairman of  “Afifi Investment Group.” He graduated from the Faculty Mass Communication, Cairo University. The group founded in Kuwait since 2008, coinciding with the global economic crisis at the time, and was able to overcome the crisis during this period.

The group invested in real estate sector in the Iskan Global company, to witness an unprecedented shift, and to implement many international projects in more than one country, such as Bosnia, Turkey, Kuwait, the UAE and Qatar, before Afifi returned with his group to Egypt, at the invitation of President Abdel Fattah El-Sisi during His meeting with a number of businessmen in 2015, during his first visit to the State of Kuwait at the time, and begins his successful journey in Egypt.