Kuwait Hotels Co's subsidiary signs hotel management deal in Egypt's Sharm El-Sheikh

CAIRO – 23 March 2021: Kuwait Hotels Company announced that its subsidiary, Safir International Hotel and Resorts Management Company, has signed a management contract for Safir Sharm Waterfalls Hotel in Egypt’s Red Sea Governorate.

The company said in a statement to the Kuwaiti Stock Exchange, Tuesday, that the contract is for a period of 10 years, and the total expected revenue for the contract period is 2.5 million dinars ($ 8.3 million).

The financial impact of this contract is expected to appear in the consolidated financial statements during the first quarter of this year for the Kuwait Hotels Company, according to the statement.

Kuwait Hotels Company recorded an increase in the losses by 46.4 percent during the first nine months of 2020, to reach 88.32 thousand dinars, compared to losses of 60.34 thousand dinars for the same period in 2019.