(MENAFN- Daily News Egypt)
The Arabian Kuwaiti Group is set to bolster its presence in the Egyptian market with a significant increase in investments, targeting the attraction of over 100,000 tourists annually to its flourishing tourism ventures.
Previously, the group strategically acquired a $20m hotel in Sharm El Sheikh, which is undergoing development to emerge as a top-tier luxury hotel brand.
Moreover, the group is poised to establish a vibrant commercial district poised to become a key draw in Sharm El Sheikh's prime locales. Ongoing negotiations for acquiring additional hotels in the region are underway, aiming to solidify the group's influence in Egypt's tourism industry.
In the realm of agriculture, the Arabian Kuwaiti Group has successfully reclaimed 800 feddan in Al-Ayat, located in the western expanses of Cairo. This initiative is part of an ambitious plan to expand their agricultural footprint to 8,000 feddan. A substantial portion of the yield is currently exported to European nations, underscoring the group's dedication to boosting productivity and fostering international commerce.
Tarek Eid, CEO of Arabian Investment House Holding-the real estate division of the group-disclosed plans for a new branded residences project in West Cairo, slated for imminent launch.
Eid elaborated that the project commands an investment exceeding $200m, mirroring the group's confidence in the robust Egyptian market and its staunch support for the nation's economic development across agriculture, tourism, and residential sectors.
With a storied legacy in the investment arena, the Arabian Kuwaiti Group boasts a diverse portfolio spanning the UAE, Kuwait, Turkey, and Bosnia. The group's longstanding involvement in Egypt encompasses the hotel industry, land reclamation, and culinary establishments. Looking ahead, Arabian Investment House Holding is gearing up to escalate its investment activities in Egypt through an array of substantial projects currently in the pipeline.
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