Cairo – Mubasher: The Saudi Hospitality Development Group, the agent of Swiss International Hotels and Resorts in the Middle East region, signed an agreement with Egypt’s Thrawaat International Investment for the exclusive management and investment in hotels and resorts.

Under the partnership, Thrawaat International Investment will launch eight hotels for the Swiss brand during the next two years with investments worth $450 million in Cairo, Hurghada, Sharm El Sheikh, Marsa Alam, the North Coast, Luxor, Aswan, and Galala, the company’s chairman Ahmed Awad said in a statement on Monday.

The company aims to invest in hotel management and operation in the New Administrative Capital and New Alamein City, Awad added.

Awad revealed that "the company will establish five-star hotels (Royal swiss), four-star hotels (Swiss international), three-star hotels (Swiss Spirit), and two-star hotels (Yesinn) that will provide international quality at competitive prices to similar levels already in Egypt." 

Swiss International Hotels and Resorts aims to increase the number of its hotels in Saudi Arabia and the GCC region to 30 by the end of 2020, the company’s CEO in the MENA region, Naji Alshiha, said.

The company also plans to expand in Algeria, Tunisia, and Morocco in the coming period as part of its expansion plan in North Africa.