Saudi Arabian bil­lion­aire prince plans in­vest­ments in Egypt ho­tels

Muscat Daily - - BUSINESS -

Cairo, Egypt - Saudi Arabian bil­lion­aire Prince Al­waleed bin Talal will team with Egyp­tian devel­oper Talaat Moustafa Group (TMG) to in­vest US$800mn in Egyp­tian ho­tel projects, one of the largest planned in­jec­tions of for­eign cash since Egypt em­barked upon a ma­jor eco­nomic re­form pro­gramme.

Prince Talal’s King­dom Hold­ing Co and TMG plan to ex­pand the Sharm el Sheikh Four Sea­sons re­sort on the Red Sea and build two new ho­tels, at El Alamein on the north coast of Egypt and at Mad­i­naty in Cairo, the Min­istry of In­vest­ment and In­ter­na­tional Co­op­er­a­tion said in an emailed state­ment. Talaat Moustafa said in a fil­ing to the Egyp­tian ex­change that it is study­ing the projects.

“This is a global in­vestor and he com­pares be­tween places to de­cide where to in­vest,” In­vest­ment Min­is­ter Sahar Nasr said in Cairo. “He sees that the busi­ness en­vi­ron­ment is now at­trac­tive and he is com­mit­ted to in­vest­ing in Egypt.”

Egypt has said it hopes to ex­ceed its US$10bn tar­get for for- eign di­rect in­vest­ment this year, af­ter tak­ing a se­ries of steps meant to re­store in­vestor con­fi­dence, in­clud­ing eas­ing cur­rency re­stric­tions and cut­ting sub­si­dies in a suc­cess­ful bid to win a US$12bn In­ter­na­tional Mone­tary Fund loan. The gov­ern­ment sees in­vest­ments by the world’s 48thrich­est man, with a net worth of US$18.7bn ac­cord­ing to the Bloomberg Bil­lion­aires In­dex, as a pos­i­tive sig­nal about its econ­omy that would draw in more cash.

Boost­ing tourism is a key com­po­nent of Egypt’s eco­nomic re­cov­ery pro­gramme. The in­dus­try has been bat­tered by the bomb­ing of a Rus­sian pas­sen­ger plane over Sharm in 2015 that killed all 224 peo­ple aboard, and by other mil­i­tant at­tacks on se­cu­rity forces and civil­ian tar­gets.

Prince Al­waleed bin Talal

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