Mubasher: Kuwait Hotels Company announced that its subsidiary, Safir International Hotel and Resort Management, has renewed the management contract of Safir Hotel Cairo.  

The contract has been extended for a period of two years and four months starting from 1 September 2022 to 31 December 2024, according to a statement to Boursa Kuwait on Monday. 

A sum of KWD 170,000 (around $553.38 million) is expected to be recorded in revenues over the contract duration.

The contract’s financial impact is forecast to reflect on the consolidated financial statements for the fourth quarter (Q4) of 2022.