Jaz Hotel Group, the hospitality arm of Egypt’s travel conglomerate Travco Group International, has inked a ten-year management agreement for Sharm Dreams Resort, located in Naama Bay, along the coastline of Sharm El Sheikh, Invest-Gate reports.

The renewable contract involves a plan to develop Sharm Dreams Resort, which is owned by Sharm Dreams Company for Tourist Investment and is foreseen to generate revenues exceeding EGP 2 bn in the first ten years of operation, according to the company’s bourse filing on October 13.

Additionally, under the deal, Jaz will be responsible for implementing a comprehensive renovation plan to upgrade Sharm Dreams Company’s existing properties, aiming to reach the utmost degrees of hospitality-quality standards, in line with the state’s efforts in promoting the Egyptian hotel product at the international level, the Egypt-based company further stated.

Jaz Hotel Group manages the Middle East’s largest hotel portfolio and operates more than 52 hotels and resorts’ chains in Egypt, Tunisia, and the UAE. The firm’s hospitality brands are namely “Jaz at the Beach,” “Iberotel,” “Sol Y Mar Resorts,” among others.