Tariq Eid, a member of the Board of Directors of the Kuwait Arab Group and CEO of the Arab Investment House, said that the company is preparing to launch a residential hotel project west of Cairo at a cost of up to $200 million, which is its first hotel real estate project in Egypt.
A member of the Board of Directors of the Kuwait Arab Group explained in press statements that it is planned to begin construction of the project by the end of this year, and it will include 450 luxury hotel units of various sizes, in addition to a commercial area that includes international brands entering Egypt for the first time. He pointed out that they are currently negotiating with international hotel management companies to manage and operate the project.
He confirmed that the company will retain about 40% of the project's share, will manage and operate it, and will work to attract the largest international brands to the project.
He added that investing in the luxury hotel sector is considered attractive due to the strong returns that can be achieved, and given the Egyptian market’s need for more hotel rooms to accommodate the expected influx of tourists in the coming years.
Eid concluded by saying that the company is preparing to launch the first phase of the project within two months, and it will be fully marketed outside Egypt. Al-Ghunaimi’s office, an Egyptian-French engineering consulting office, has been contracted to prepare the project designs, and they are expected to be completed soon.
Finally, he confirmed that the company seeks to invest strongly in the Egyptian tourism sector and aims to pump initial investments worth up to two billion pounds during the year 2024 to acquire hotels and develop hospitality services in various coastal areas.
Tariq Eid, a member of the Board of Directors of the Kuwait Arab Group and CEO of the Arab Investment House, revealed the company’s plans to invest in several projects in Egypt, saying that the company has acquired a hotel in the city of Sharm El-Sheikh and is working to develop it and attract a brand to its location. Distinctive, and is scheduled to open at the beginning of 2025.
The company acquired another plot of land with an area of 5,000 square meters in Sharm El Sheikh to transform it into a major commercial area, and plans to begin construction there in early 2025.
Eid confirmed that the company is in negotiations to acquire two more hotels in Sharm El-Sheikh during the next year, due to the recovery of the tourism market and the increase in the number of tourists in Egypt.
Regarding agricultural investment, the company owns 800 acres in the Al-Ayat area and plans to cultivate it, exporting about 70% of the crop to several countries. The company aims to acquire more than 7,000 acres within five years at a cost of 2.1 billion pounds.
Eid pointed out the company's plans to invest in the Saudi market in the hotel and agricultural sectors, and to open a branch in the Kingdom as a gateway to investment in the Gulf region.
Finally, he announced the group's intention to participate in the Ras El Hekma project in Egypt as soon as the company developing the project is established.
The Kuwait Arab Group is considered an investment company established in Kuwait and owns various activities in Kuwait and several other countries. It began its work in the Egyptian market in 2017.
