Mubasher: Kuwait Hotels Company announced that its subsidiary Safir International Hotel and Resort Management signed a contract for the management of Safir Sharm Waterfalls in Egypt’s Red Sea Governorate.

Expected revenues from the 10-year contract are KWD 1.2 million ($8.3 million), the company said in a statement to Boursa Kuwait on Tuesday.

The financial impact of the contract is expected to start in the first quarter (Q1) of 2021.

During the first nine months of 2020, the Kuwaiti firm incurred net losses of about KWD 88,320, compared to KWD 60,340 in the corresponding period a year earlier.