Sonesta International Hotels Corporation ended its management contracts for hotels in Sharm El Sheikh, Al Shorouk reports. The decision comes as tourist arrivals to the Red Sea resort town have been declining for the past seven years, and particularly after the downing of a Russian plane in 2015.
More from Enterprise
Banque du Caire’s blockbuster IPO holds firm against EGX selloff
The IFC and the EBRD are in for USD 100…
Can AI promise Egypt’s lenders more borrowers and fewer bad loans?
Banks are cautious about letting AI judge a borrower. Local…
Egypt’s funds crossed EGP 500 bn in 3Q on retail money and a stalling core
Money market funds stalled while retail piled into equity, index,…
DPI closes Egypt-born fintech fund Nclude at USD 112 mn
The final close adds roughly USD 7 mn to a…