Saudi bil­lion­aire to in­vest $800m in Egypt tourism

Kuwait Times - - FRONT PAGE -

Saudi Ara­bian bil­lion­aire Prince Al­waleed bin Talal is to in­vest more than $800 mil­lion in ho­tels in Egypt, the in­vest­ment min­istry in Cairo said yes­ter­day. 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.

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