Qatari Diar Real Estate Company announced the official opening of the wholly owned St.
Regis Cairo Hotel in Cairo in the presence of HE the Minister of Finance Ali Shareef al-Emadi, US Secretary of the Treasury Steven Mnuchin, and Minister of Finance of Egypt Dr Mohamed Moait.
The opening ceremony was also attended by HE the Chairman of Qatari Diar, Sheikh Khalid bin Khalifa al-Thani; CEO of Qatari Diar Eng. Abdullah bin Hamad al-Attiyah; and Marriott International President for Europe, Middle East and Africa Satya Anand, alongside a number of eminent individuals from both Qatar and Egypt.
Commenting on the occasion, HE al-Emadi said: "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 $5bn in various fields."
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 exceeds $3bn, 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.
With a total investment of more than $1bn, the hotel is considered one of the company's most prominent projects in Egypt.
With a building area exceeding 197,000sq m, the hotel includes two 135 meters high towers, in addition to a seven-story service building, encompassing lounges, restaurants, ballroom, meeting rooms, swimming pools, health center, sauna and service rooms.
The hotel consists of 286 hotel units, including luxurious rooms and suites and 80 hotel apartments of different sizes.
It also enjoys 2,339sq m of meeting spaces, including a main hall covering an area of 963sq m, indoor and outdoor swimming pools and a health centre.
The St Regis Hotel marks the ultimate expression of contemporary luxury in Egypt's thriving capital city and is set to be a tourist attraction with the highest standards of luxury and its unique design inspired by Arabic heritage.
CEO of Qatari Diar Eng Abdullah bin Hamad al-Attiyah said: "Since we entered the Egyptian market in 2006, the strategic objectives of Qatari Diar included diversifying its investment in the real estate and tourism sectors, in addition to contributing to advancing the national economy by harnessing our capabilities to enrich the social and cultural scenes, create more job opportunities and maximize the local offering."
"To realise this commitment, the St Regis Cairo project provided more than 5,000 direct job opportunities for the Egyptians, including around 1,000 engineers from various disciplines during the construction phase. The project also directly supported local industries as we relied on the local market to provide construction materials and components, which exceeded 70 per cent of the project needs," he added.
"Moreover, as the hotel commences its operations, it will provide about 440 permanent job opportunities in the hotel and its facilities. This number is expected to rise to 1,000 jobs, 95% of which will be occupied by Egyptians. I hope that the company's projects will achieve its desired objectives in supporting the national economy, including the real estate and tourism sectors," he said.
Satya Anand, President for Europe, Middle East and Africa at Marriott International, said: "Egypt has historically been one of our key markets and strategically significant to our growth in the region, Cairo is a storied destination that has long mesmerised the global traveller with its incredible energy offering a vibrant mix of history, culture, tradition and glamour. The St Regis Cairo is an exciting addition to our fast-growing brand portfolio and is set to elevate Cairo's luxury hospitality landscape with its remarkable design, uncompromising service, and exceptional culinary venues."
