Egypt: OYO Homes and hotels has set its sight on the Egyptian market, following expansions into the UAE and Saudi Arabia.
OYO has reportedly been speaking with local hospitality professionals to determine their final steps.
The company is aiming to take advantage of the Egyptian market during a period of post-pandemic freeze for hospitality. It believes that its sanitised stays programme will provide it with a solid edge in the region, as it already has in the UK.
Manu Midha, OYO head of Middle East operations, said: “Given the strategic potential of the region, we are constantly on the lookout for strategically relevant opportunities to expand our footprint in the Middle East, including Egypt. However, there is nothing specific for us to comment on at this point.”
The Gulf region has been a significant strategic growth point for OYO, with a footprint in four of the region’s biggest countries. The company is reportedly looking to both diversify its product portfolio and enter new geographies in order to push itself to be a clear market leader in the region.
In preparation for this expansion, OYO added to the leadership team of its Middle Eastern arm. Most notably, Guruprasad Shankaranarayanan, head of Thailand operations, has been moved to COO of the Middle East and Southeast Asian regions.
Midha added: “The Middle East remains a strategic market for OYO. We work with over 200 partners and are present in over 30 cities in the region. We are doing very well in Saudi Arabia with supply growing and occupancy coming back, with about 15 per cent of our properties already at pre-Covid levels.”