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.