(MENAFN- Daily News Egypt) Tarek Eid, CEO of Arabian investment House Holding-the Real estate division of Arabian Kuwaiti Group-announced the appointment of former Egyptian tourism Minister Hisham Zaazou to the company's board of directors.
During a meeting attended by Mahmoud Afifi (Chairperson), Tarek Eid, and Ahmed Afifi (Managing Director), they expressed their enthusiasm about Zaazou's addition to the board, highlighting his wealth of experience and insights into the tourism sector.
The announcement stated:“The addition of former Minister of Tourism Hisham Zaazou to the board of Arabian Kuwaiti Group aligns with our commitment to strengthen leadership and leverage the expertise of prominent figures. We are confident that Zaazou will significantly contribute to achieving our goals and driving success forward. We look forward to new and remarkable achievements together.”
Zaazou expressed his happiness at joining the board, praising the group's efforts and ambitious goals.
Previously, the Arabian Kuwaiti Group announced a significant expansion of its investments in the Egyptian market, targeting the agricultural, tourism, and residential sectors.
The group aims to attract 100,000 tourists annually, highlighting its previous acquisition of a $20m hotel in Sharm El Sheikh, currently being developed into a luxury brand. Negotiations are underway for multiple hotel acquisitions to strengthen the group's position in the Egyptian tourism market.
Additionally, the company is preparing to launch its first residential hotel project in West Cairo, with an investment of up to $200m. Construction is planned to begin by the end of this year, featuring 450 luxury hotel units of varying sizes and a commercial area with global brands entering Egypt for the first time. They are also in talks with international hotel management companies to oversee the project.
The group successfully reclaimed 800 feddans of land in Al-Ayyat, with plans to expand to 8,000 feddans. A significant portion of the production is exported to European countries, demonstrating the group's commitment to enhancing productivity and international trade.
With extensive experience in the investment market, the group has holdings in countries such as the UAE, Kuwait, Turkey, and Bosnia. It continues to play a key role in supporting and developing the Egyptian economy, particularly in the coming period.
MENAFN30062024000153011029ID1108391477
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.