Mohamed El-Shimy, Minister of Public Enterprises Sector, chaired the General Assembly meeting of the Holding Company for Tourism and Hotels (HOTAC), attended by assembly members, the company's board of directors—headed by Mohamed Magid Al-Menshawy—as well as representatives from the Accountability State Authority and the Ministry of Finance. Opening the session, El-Shimy highlighted the extensive capabilities and strategic assets held by HOTAC and its subsidiaries in the tourism, hotel, and trade sectors. He noted that these assets form a strong foundation for expansion, growth, and greater contribution to the national economy. During the meeting, Amr Attia, Executive Managing Director of HOTAC, presented the board's report and the consolidated financial results for the 2024/2025 fiscal year. According to the results, HOTAC and its subsidiaries achieved total revenues of EGP 11.3bn—up 22% from the previous year—while net profit rose 14% to EGP 4.7bn. The Minister outlined the ministry's ongoing plan to increase hotel capacity nationwide, both by upgrading existing facilities and developing new properties and expansions. These efforts, he said, aim to boost Egypt's ability to welcome more visitors and enhance the readiness of its tourism offering. Improving the quality of tourism services and products remains a top priority, El-Shimy added, emphasising the importance of delivering an integrated visitor experience that meets international standards while showcasing Egypt's unique cultural identity. He also stressed the need for sound utilisation and efficient management of the company's assets, noting that maximising returns is a central pillar of the ministry's strategy. Partnership with the private sector, he affirmed, continues to be a key avenue for stimulating investment and improving operational performance. El-Shimy underscored the importance of accelerating digital transformation and upgrading management, governance, and internal auditing systems to enhance transparency and institutional efficiency. The assembly reviewed HOTAC's strategic plan, which aims to reinforce the company's leadership in the tourism and hotel sector, drive sustainable innovation, and achieve economic, social, and environmental sustainability. The plan includes geographic expansion, increased hotel investment, and projects to develop existing assets and boost capacity in several tourist cities and the Delta region. The year saw significant progress across multiple projects, including the operation and development of the Nefertari Hotel in Abu Simbel; the Aracan Ras El-Bar Hotel in partnership with the private sector; new sound-and-light shows at the Citadel of Qaitbay; and Egypt's first VR experiences in the Pyramids area. Other developments included the near-completed redevelopment of the Khan El-Khalili restaurant, managed by the Oberoi Group; the launch of the project to revive the historic Continental Hotel in downtown Cairo; the "Jaz Aseela" resort in Marsa Alam; upgrades at the Nile Ritz-Carlton in central Cairo; the expansion of the Steigenberger El-Lessan Hotel in Ras El-Bar; and progress in redeveloping the historic Shepheard Hotel on the Nile Corniche. Further projects include plans to establish new hotels in Delta cities such as Mahalla, Tanta, and Mansoura; the construction of a new plastic-wood factory; and multiple real estate and commercial ventures. These include redevelopment of several retail branches, the restoration of the historic Pontremoli fine-furniture showroom, a new branch in Alexandria, and the "Abha Hayah" residential compound developed by Al-Ma'moura Company in partnership with the private sector. In line with environmental standards, the report noted that several hotels belonging to HOTAC and its subsidiaries obtained Green Star certification for their compliance with sustainable tourism criteria and efficient energy and water use. Additional efforts focused on enhancing occupational safety and health, developing human capital, and implementing training programmes to raise employee skills. Concluding the meeting, El-Shimy reaffirmed the ministry's commitment to supporting development and investment expansion across subsidiary companies. He said the coming period will see further steps to modernise Egypt's hotel and tourism sector, strengthen competitiveness, and maximise asset utilisation—aligned with Egypt's Vision 2030 and the ministry's mandate to reinforce public enterprises as a driving economic force. HOTAC oversees a diverse portfolio of subsidiaries active in tourism, hotels, and commerce—including Misr Travel, Misr Sound and Light, EGOTH, Misr Hotels, Al-Ma'moura, as well as luxury retail companies such as Hanno/Benzion, Sidnawi, Bey' El-Masnou'at, and Omar Effendi. The portfolio also includes the Commercial Wood Company, joint ventures, and multiple investment contributions, reflecting the depth of HOTAC's asset base and its capacity to generate growing value.
