Latif Group of Companies has signed a management agreement to bring The Ritz-Carlton, Sharm el-Sheikh Resort to the Sinai Peninsula.
The deal was signed earlier this week by Nasser Abel Latif, founder & chairman, Latif Group of Companies and Alex Kyriakidis, president and managing director, Marriott International, Middle East and Africa.
The all-new US$600 million Ritz-Carlton, Sharm el-Sheikh 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 including two specialty restaurants, a number of pools, a destination spa with private treatment suites and a range of water sports activities as well as the biggest shopping complex in Sharm El Sheikh.
To mark the occasion an exclusive and lavish reception was held at The Nile Ritz-Carlton, Cairo and was attended by dignitaries, ministers and VIP’s.
Speaking at the event 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.”
Kyriakidis added: “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.”
Nasser Abdel Latif is a leading investor in the country’s hospitality sector. The partnership will aid and reinforce Egypt’s mission to expand its travel and tourism industry by offering global travellers a diversity of options.