Tarek Eid, CEO of Arabian Investment House Holdings, the real estate arm of the Arabian Kuwait Group, has announced the appointment of Egypt’s former tourism minister, Hisham Zaazou, to the company’s board of directors.
During the meeting, which was attended by Mahmoud Afifi (Chairman), Tarek Eid and Ahmed Afifi (Managing Director), they expressed their enthusiasm for him to join Zaazoo’s board of directors and highlighted his vast experience and insight in the tourism sector.
The announcement said: “The addition of Hisham Zaazou, former Minister of Tourism, to Arabian Kuwait Group’s board is in line with our efforts to strengthen leadership and leverage the expertise of prominent individuals. We are confident that he will contribute greatly to achieving our goals and driving our success. We look forward to achieving new great accomplishments together.”
Zaazou said he was excited to join the board and praised the group’s efforts and ambitious goals.
Previously, Arabian Kuwait Group had announced that it would significantly expand its investments in the Egyptian market, targeting the agriculture, tourism and residential sectors.
The group aims to attract 100,000 tourists a year and has highlighted the acquisition of a $20 million hotel in Sharm el-Sheikh, which is currently being developed into a luxury brand, and is in ongoing negotiations to acquire several hotels to strengthen the group’s position in the Egyptian tourism market.
Additionally, the company is preparing to launch its first residential hotel project in west Cairo, investing up to $200 million. Construction is expected to begin by the end of this year and will feature a 450-room luxury hotel of various sizes, as well as a commercial area that will host global brands making their first foray into Egypt. The company is also in negotiations with an international hotel management company to oversee the project.
The group has successfully developed 800 feddans of land in Al Ayat with plans to expand to 8,000 feddans. Most of the production is exported to European countries, demonstrating the group’s commitment to increasing productivity and international trade.
With extensive experience in the investment market, the Group has holdings in countries such as the UAE, Kuwait, Turkey and Bosnia, and will continue to play a key role in supporting and developing the Egyptian economy, especially in the coming years.
