Ritz-Carlton inks deal for $600m investment in Sharm el-Sheikh

Posted under Editors Pick, News.
by Sophia Soltani | Published 4 years ago

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Latif Group of Companies has signed a management agreement to bring The Ritz-Carlton, Sharm el-Sheikh Resort to the Sinai Peninsula.

Leading the ceremony was Nasser Abel Latif, Founder and Chairman, Latif Group of Companies and Alex Kyriakidis, President and Managing Director, Marriott International, Middle East and Africa.


The Ritz Carlton, Dubai

The all-new Ritz-Carlton, Sharm el-Sheikh with a total investment value of $600 million dollars, is expected to begin operation by 2020 and is located in Sharks Bay, often described as the ‘gem of the Red Sea.’

With a primary target of capturing the global affluent leisure traveller, the resort will have 252 rooms, including 12 villas, three restaurants and a variety of pools, a destination spa with private treatment suites and a range of water sports activities as well as the opening of the biggest shopping complex in Sharm El Sheikh.

Comenting on the new mega-project, Nasser Abdul Latif, chairman said, “This is a momentous time for Egypt as we focus on the longer term investment and the development of tourism in our beloved country, I am excited to be partnering with Marriott International in bringing the iconic hotel brand to the Sinai Peninsula.”

Alex Kyriakidis, President and Managing Director Marriott International Middle East and Africa said: “This is the latest in a series of important landmark hotel signings and openings we have made in Africa, in Egypt in particular.  We believe in Egypt, and we are thankful to our owners and partners, Latif Group of Companies, who have helped further our vision for growth and prosperity in this enigmatic country.”

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