Egypt’s Prime Minister Mostafa Madbouly, who is also the housing minister, witnessed the signing of a memorandum of understanding between the Ministry of Housing, Utilities and Urban Communities and Niki Beach Hotels and Resorts, a division of Nikki Beach Worldwide, on Friday.

Under the terms of the MoU, the global brand will establish and operate a world-class tourist resort in Alamein in northern Egypt.

The signing ceremony was attended by Minister of Tourism Rania al-Mashat, who praised the partnership during a press conferencec held at the cabinet's headquarters in Cairo.

Hailing the deal, the CEO of Niki Beach Hotels and Resorts said that the company's decision to take over the project was based on extensive studies.