Saudi billionaire to invest $800m in Egypt tourism

2017-08-07 20:45
iStock

iStock

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Cairo - Saudi Arabian billionaire Prince Alwaleed bin Talal is to invest more than $800m in hotels in Egypt, the investment ministry in Cairo 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 ministry said in a statement that Bin Talal told Investment Minister Sahar Nasr in the Red Sea resort of Sharm el-Sheikh that he would invest in hotels in several locations.

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 arrivals worsened after the Islamic State group said it bombed a Russian airliner carrying holidaymakers from Sharm el-Sheikh in 2015 in a crash that killed all 224 people on board.

The Saudi investment would include expanding the Four Seasons resort in Sharm in the southern Sinai, transforming it into "the biggest resort in the world", the ministry said.

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

The ministry said the amount of Saudi investment was "expected to surpass about $800m", and the projects would be carried out with Egyptian real estate developer Talaat Moustafa Group.

Read more on:    saudi arabia  |  egypt  |  north africa

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/World
 

For the love of Corgis!

WATCH: 35 Corgi's to make your day! If they’re good enough for the Queen of England they’re good enough for us.

 
 

Paws

Can we communicate with our pets?
8 great natural remedies for your pet
Buying a puppy? Don’t get scammed!
WATCH: These funny animal videos will make you LOL!
Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.