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Talks start with Kuwait hotel group on $125m Egypt project

Egypt Kuwait hotel Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate Bukhamseen Holding Egyptian Cabinet
Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate
  • Minister meets Bukhamseen chair
  • No location for project revealed
  • Economic reforms to ease investment

Kuwait’s Bukhamseen Holding is considering investing in a $125 million new hotel project in Egypt.

Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate, to discuss current and future projects in hospitality, finance and restaurant management.

In a statement, the ministry of investment said Bukhamseen Holding was assessing plans to invest $125 million in a new hotel project in Egypt, without revealing the potential location.

Bukhamseen said the group considered Egypt an important country for its future investment plans in the region, and it was also working on two new projects in New Cairo’s Fifth Settlement. 

The minister said Egypt was introducing economic reforms aimed at easing investment and foreign trade movement. He said these include reducing customs clearance times to two days and introducing tax breaks for investors. 

Bukhamseen Holding has investments and operations in real estate, finance, hospitality and industry. It was launched in 1957 by Jawad Ahmed Bukhamseen. The group owns hotel properties including Crowne Plaza and Holiday Inn Al Thuraya City, Holiday Inn Salmiya and Intercontinental Farwaniya in Kuwait. It co-owns Egyptian Gulf Bank and has a Holiday Inn in Cairo.