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News: Bulgaria >> North-East region >> Varna district >> Avren municipality >> Village of Sadovo>> Arabs to Build Hotels in Bulgaria

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Current date: 2010-09-03 06:36

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Arabs to Build Hotels in Bulgaria

Business: Tuesday, 2008-07-01 04:40
Article by: StandartNews

An Arab investor is soon to start building hotels and holiday complexes in Bulgaria. The Kuwaiti M.A. Kharafi Group are setting up a new investment holding to deal in real property and tourism in Eastern Europe. Sovereign Hospitality Holdings are planning to purchase lands along the Bulgarian Black Sea coast, as well as in the area of Bulgarian mountain resorts and larger cities.

This is what Mohamed Fahmy, CEO of the seated in Geneva Sovereign Hospitality Holdings, announced. Sovereign Hospitality Holdings work in partnership with hotel business giants like InterContinental, Four Seasons and Hyatt International. The investments come to over $US 800 million. The annual turnover of the mother company, M.A. Kharafi Group, amounts to $US 4 billion.

Scope: District Bourgas; Municipality Bansko; Municipality Razlog; Municipality Balchik; Municipality Kavarna; Municipality Shabla; Municipality Samokov; Municipality Chepelare; Ski resort Vitosha; District Varna;

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