Photo courtesy of Egypt's cabinet
The agreement, signed in New Alamein City, covers five mixed-use developments that will include hotels, branded residences and a standalone hotel in coastal and urban locations.
The project is part of Egypt's efforts to expand hotel capacity as the government seeks to increase tourist arrivals and attract more investment into the hospitality sector.
Madbouly said the agreement would help increase hotel capacity, create jobs and support tourism growth, adding that it reflected investor confidence in the Egyptian market.
The deal was signed by Shady Hassan, Marriott International's vice president for hotel development in North Africa, and Mohamed Khaled El-Assal and Karim Khaled El-Assal, co-chief executive officers of Misr Italia Properties and co-founders of People & Places Developments.
Tourism Minister Sherif Fathy said expanding hotel capacity and attracting private investment remained key priorities as Egypt works to grow its tourism sector.
Marriott's Hassan described Egypt as a strategic market for the company, citing growing demand for luxury hotels and branded residences.
Mohamed Khaled El-Assal said the developments form part of the company's long-term hospitality expansion plans. He said Misr Italia Properties has investments exceeding EGP 56.7 billion and that the projects are expected to create around 6,000 direct and indirect jobs while attracting an estimated 373,000 tourists annually.
Karim Khaled El-Assal said the partnership with Marriott has resulted in a portfolio of more than 1,800 hotel rooms and branded residential units across several destinations in Egypt.
Minister of Housing, Utilities, and Urban Communities Randa El-Menshawy, Deputy Housing Minister Walid Abbas, and Misr Italia Properties Vice Chairman Adel El-Naggar also attended the signing ceremony.
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