Saudi billionaire to invest $800m in Egypt tourism

Bruno Cirelli
Agosto 9, 2017

Saudi Arabia's Prince Alwaleed bin Talal will invest about $800 million to expand the Four Seasons resort in Sharm el-Sheikh, in partnership with Talaat Moustafa Holding Group, Egypt's Investment Minister Sahar Nasr said on Monday.

The announcement came after parliament in May adopted a new law aimed at attracting foreign investment as the authorities seek to reinvigorate the North African country's struggling economy.

The investment firm, owned by Prince Alwaleed bin Talal, reported a net profit of 216.3 million Saudi riyals for the second quarter of the year, compared with a loss of 80 million riyals in the same period last year, and a first quarter profit of 129m riyals, according to a statement posted on the Saudi stock exchange.

New hotels would also be built in the Mediterranean town of El-Alamein and in Madinaty east of Cairo.

President Abdel Fattah al-Sisi pushed for the bill to pass following a private agreement with Saudi Arabia's King Salman al-Saud a year ago, who reportedly promised billions of dollars in aid and investment in return.

Tourism in the Arab world's most populous nation has yet to bounce back from before the 2011 uprising that toppled longtime ruler Hosni Mubarak.

The fall in tourist numbers worsened after the Islamic State group said it planted a bomb on a Russian airliner carrying holiday makers from Sharm el-Sheikh in 2015, killing 224 people.

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