Saudi Arabian billionaire prince plans investments in Egypt hotels
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