Saudi-Egypt firms strikes million dollar deal for new hotel management programs

Published on : Monday, February 24, 2020

The Saudi Hospitality Development Group or HDG has recently signed a million-dollar deal with Egypt’s Tharawat International Investment Corp. to manage Swiss International. At present, HDG is the owner and representative of the Swiss International Hotels in Saudi Arabia. The exclusive contract between the two companies values around $US 450 Million.

 

 

Currently, all three brands of the Swiss hotel and resort, like Swiss International, Swiss Spirit and Royal Swiss comes under HDG. Through this partnership, Tharawat International aims to open eight completely new hotels under the brand of Swiss Hotels in the next two years with investments worth $450 million.

 

 

Jamal Al-Hamed, Chief Development Officer, Swiss International Hotels and Resorts said in a press meet that many investors find investing in Egypt interesting at present. He informed that Swiss Hotels have mainly begun tourist projects in Cairo, Sharm El-Sheikh and Hurghada. He also added that the company has already started to work on their long-term strategy focusing on the expansion in Arab countries including Jordan and Egypt. As the organization is also present in Gulf countries, their focus for the forthcoming period would be North African countries such as Morocco, Algeria and Tunisia. However, their first project would start in Egypt.

 

 

Ahmed Awad, Chairman, Board at Tharawat, expressed that his company aims to launch the new hotels in the same locations on the Northern Coast alongside few properties in Luxor and Aswan. He further shared that Tharawat International also intends to invest in operating and managing hotels in the administrative capital and new city of El-Alamein.

 

 

Ever since the 1980s, the graph of economic and commercial relations between Egypt and Saudi Arabia has only gone upwards. Saudi holds the first position in Egyptian investment among Arab countries and the second position in the world.

 

 

Nagy Al-Shiha, Chief Executive Officer, Swiss International Group, informed that the group aim to reach 30 hotels by the end of this year.

 


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