Middle-East eyes investment in Namibia

SOVEREIGN Hospitality Holdings (SHH), with an integrated asset base of US$800 million which is also a member of the M.A Kharafi Group, a Fortune 500 company registered in Kuwait with an annual turnover of US$4 billion, has chosen Namibia as one of its investment destinations. SHH is an independent hospitality, tourism and real estate investment company based in Geneva, Switzerland, and has regional offices in South Africa and Egypt.

Through strategic acquisitions, it intends to expand by financing and developing assets in these sectors in Namibia and worldwide. The expansion programme will be achieved through a mixture of organic development and portfolio acquisitions that are financed and thereafter proactively managed.

The portfolio is set to increase significantly with the completion of 11 further unique hospitality developments which will encompass some 1 800 additional rooms reaching a total of 5 800 rooms over the next 3 years, totalling 32 hotels in 10 countries.

In addition to owning and managing its hotels, SHH has management agreements in place with a number of well regarded hotel management companies and continually seeks to form this type of long term strategic alliance. Mohamed Fahmy, Chief Executive of Sovereign Hospitality Holdings commented: “Our objective, with the support of the Kharafi Group, is to expand through strategic acquisitions.

We have a successful track record and a longterm approach to foster strategic relationships with partners to deliver solid returns through high yield opportunities in both emerging and established markets.”

The company’s existing portfolio consists of 21 hotels and resorts with over 4 000 rooms which it owns and operates in Egypt, South Africa, The Gambia, Syria, Lebanon and Albania. Further projects are under development in Libya, Senegal, Ethiopia and Mauritania.