WAM
The UAE will back the development of a five-star hotel near the pyramids in Giza outside Cairo, the capital, to support Egypt’s tourism, state-run Wam news agency reported.
State-backed Abu Dhabi Fund for Development (ADFD), which specialises in development financing at below market rates, will provide AED440 million ($120 million) to build a 302-key Sofitel Legend Pyramids Giza, the agency said.
ADFD will contribute 84 percent of the project’s capital through the Abu Dhabi Tourism Investment Company, WAM said.
Other investors include Abu Dhabi National Hotels,…
