Prime Hospitality Management Group, a leader in managing serviced apartments and holiday homes, has entered into a partnership with Sharm El Sheikh Real Estate to oversee properties owned by investors at the Sharm el Sheikh resort in South Sinai. As the first and largest entity of its kind in Egypt—and now extending services to Saudi Arabia—Prime Hospitality Management Group offers an innovative alternative for tourists, foreign residents, Arabs, and Egyptians. They provide a new style of accommodation that includes serviced apartments, villas, and holiday homes, which are gaining popularity in the Egyptian tourism sector. The Group's services are proliferating across Egypt's most significant locations, resorts, and cities, with a growing number of management contracts with various investors in Egypt and Saudi Arabia. Moataz Amin, CEO and Managing Director of Prime Hospitality Management Group, announced the signing of a contract with Tarek Al-Saadi, Managing Director and CEO of Sharm El Sheikh Real Estate, to manage units in the picturesque city of Sharm El Sheikh along the Red Sea coast. Amin highlighted that the properties in Sharm El Sheikh offer a blend of leisure and privacy, set within distinctive tourist resorts. He emphasised the resorts' unique features, including extensive green spaces that constitute 80% of the total area, with building coverage limited to 20%. Guests can enjoy amenities such as swimming pools, beach access, and proximity to commercial centres, restaurants, and a variety of entertainment options. Additionally, adventure trips and water activities are available upon request, enhancing the experience provided by the concierge service from the Sharm El Sheikh office. Amin also noted that Prime Hospitality Management Group is set to introduce a novel concept of accommodation in Sharm El Sheikh. Tarek El Saadi expressed his company's robust support for the government-endorsed concept of real estate exportation. He noted that the return on investment (ROI) for real estate in Sharm El Sheikh surpasses that of the North Coast, with units rented out for 100 to 150 nights annually, in contrast to the North Coast's 60 to 70 nights. Khaled El Sayyad, Chairperson of Prime Hospitality Management Group, remarked that the collaboration with Sharm El Sheikh Real Estate Company signifies the group's inaugural partnership in Egypt and marks the start of their expansion into South Sinai, following their success on the North Coast and in El Gouna. The partnership will introduce 38 "Prime Holidays" branded holiday homes, ranging from villas to chalets and accommodating one to four rooms, designed to meet the diverse needs of families and individuals seeking a unique vacation experience. El Sayyad also disclosed that a new "Prime Residence" building is set to open in New Cairo this month, furthering the group's portfolio across various Egyptian governorates under all its brands, to exceed 400 properties by the end of 2024.
