Kuwait Hotels Company successfully held it founding general assembly, during which it approved the establishment of a new closed Kuwaiti shareholding company under the name Safir International Hotel and Resort Management Company.
The new entity will be 95% owned by Kuwait Hotels Company, with a capital of KWD 1,250,000.
According to the company statement, the new company’s operations will be consolidated with Kuwait Hotels Company, and its financial results will be reflected starting from Q3 2025.
On a related note, cash balances are expected to decrease by KWD 1,187,500, offset by a corresponding increase in the investment portfolio.