Saudi billionaire to invest $800m in Egypt tourism

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.