Saudi-Egyptian partnership for hotel management launched at $US 450 mn

Saudi-Egyptian partnership for hotel management launched at $US 450 mn

The Saudi Hospitality Development Group, which represents 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 the country.. Tharawat aims, through a partnership contract with the Saudi group, to open eight new hotels for the Swiss brand in two years, with investments of up to $US 450 million.. Swiss International also plans to open hotels in the Arab Maghreb countries, namely Algeria, Tunisia and Morocco, during the coming period, as part of the company's plans to expand into North Africa, according the Shiha.. Tharawat Investment is an Egyptian joint stock company established in 2013, working in the field of real estate and hotel investment..