Related Articles
Egypt Independent
The Saudi Hospitality Development Group, representing Swiss International in the Middle East, has signed an exclusive contract valued at $US 450 million with Egypt’s Tharawat Investments to manage and invest in hotels and tourist resorts in Egypt.
“Tharawat aims to open eight new hotels for the Swiss brand in two years, with the partnership contract with the Saudi group. The hotels will be located in Cairo, Hurghada, Sharm El-Sheikh, Marsa Alam, Luxor and Aswan”, according to a statement from Ahmad Awadh, Chairman of the Board of Directors of Tharawat.
He added that the company plans to invest in managing and operating hotels in Egypt’s new administrative capital and the new city of Alamein.
“Swiss International aims to increase the number of its hotels in the Kingdom of Saudi Arabia and the Gulf to 30 hotels by the end of 2020”, said Nagy al-Shiha, CEO of Swiss International.
“Over the next five years, the group aims to build and manage 20 hotels in Egypt”, Shiha said.
“The Swiss company plans to open hotels in the Arab Maghreb countries, namely Algeria, Tunisia and Morocco, as part of its plans to expand into North Africa”, according to Shiha.
Tharawat Investment is an Egyptian joint stock company established in 2013, working in the field of real estate and hotel investment.
Swiss International was established in 1982. It began investing in the Middle East in 2014, through a partnership with the Saudi Hospitality Development Group. The latter group act as a representative of the Swiss brand in the Arab Gulf countries, Jordan and Lebanon.
Edited translation from Al-Masry Al-Youm.
