EGYPT – The Qatari Diar Company, a real estate investment company, has launched the St. Regis Hotels & Resorts, part of Marriott International, in Egypt.
The St. Regis Cairo was inaugurated in the presence of the Qatari Minister of Finance, Ali Sherif Al-Emadi, the US Secretary of Treasury, Steven Mnuchin, and the Egyptian Minister of Finance, Mohamed Maait.
“By investing through Qatari Diar in this distinguished project, Qatar practically affirms its commitment to contribute to supporting the tourism sector for its vital role in economic development and creating job opportunities. This project represents a new addition to the Qatari investments in Egypt, exceeding US$5 billion in various fields,” HE al-Emadi said.
According to the company, the St. Regis Cairo Hotel is one of the major projects by Qatari Diar in Egypt which has a construction area of more than 197,000 square metres and an investment of over US$1 billion.
US Secretary of the Treasury Mnuchin said: “This project would not have been possible without the Qatari Diar. The Qatari Diar’s investment in this project illustrates the potential for economic ties to help create jobs and bring people together through shared investment opportunities.”
For his part, Dr Moait said: “We congratulate Qatari Diar for the inauguration of this pioneering hotel, which is a result of the company’s decision to invest in the tourism sector, one of the most important sectors for Egyptian economy.”
“Increasing foreign investments in Egypt is one of the most important goals of the Egyptian government, and the private sector is one of the most important sectors of investment in Egypt, the interest in expanding investment creates economic opportunities through macroeconomic support, increasing jobs and localizing technology.
“Therefore, the Egyptian government always welcomes foreign investments and provides the appropriate environment for investment,” the Minister added.
Meanwhile, HE Chairman of Qatari Diar Sheikh Khalid bin Khalifa Al-Thani, said: “Qatari Diar always seeks to diversify its investments, whether in terms of the nature of projects or in terms of investment destinations that are more distinctive in terms of returns on investments.
“St Regis Cairo project is considered a landmark given its nature as it will be a unique tourist attraction in the heart of Cairo. We are excited about the opening of the hotel today, as it marks the start of the completion of many projects in the Arab Republic of Egypt in the coming period.”
He added that the current investments of Qatari Diar in the Egyptian market exceed US$3 billion, spread over a number of projects, comprising more than 40mn sq m and ranging from tourist to residential to mixed-use projects.
The St Regis Cairo Hotel is located on the banks of Nile River in the heart of Cairo.
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