Egyptian buys 40% of Swiss company's shares

The Egyptian businessman, Ahmed Balbah who owns the Balbah Group for Tourist Investments bought 40% of the shares of the Swiss company Managementin, with one million Swiss francs in capital.

A celebration was held yesterday on the occasion of signing this contract, attended by Egyptian Minister of Tourism Mamdouh Beltagi and the Swiss ambassador in Cairo.

Balbah told ArabicNews.com that a headquarters for the company will be established in Cairo, in which the Egyptian rate of employment at the company will be 95%, with 5% Swiss citizens.

He said that this partnership will have a positive effect on the Egyptian market in field of tourism and hotels, adding that a contract was signed for managing three hotels: Kahramana Sharm, Kahramana Marsa Alam and Lagona Viesta at Sharm.