Mubasher: Kuwait Hotels Company said that its subsidiary, Safir International Hotel and Resort Management, has signed a contract to operate and manage Safir Hotel in Egypt's Marsa Matruh governorate.   

The financial impact of the 10-year contract is forecast to reflect starting as of the second quarter (Q2) of 2023 until Q1 of 2033, according to a statement to Boursa Kuwait on Thursday.  

It is worth noting that in the first half (H1) of 2022, Kuwait Hotels registered net profits of KWD 304,650, down 26.10% when compared to KWD 412,120 in the year-ago period.