Joint $800M Saudi-Egyptian investments directed to hotel sector

CAIRO – 7 August 2017: Saudi Prince Al-Waleed Bin Talal will cooperate with Talaat Mostafa Group to expand in the Four Seasons Resort in Sharm el-Sheikh, to be the largest hotel in the world, a Monday statement said.

The joint investments that will exceed $800 million will also include the establishment two new hotels in Madinaty and Al-Alamein.

Talaat Mostafa Group holds investments amount to $1.8 billion in Four Seasons Sharm el-Sheikh resorts, Nile Plaza Alexandria, Madinaty and Al-Alamein projects.

Talal, the Chairman of Kingdom Holding Company noted that his investments in Egypt include many fields, including the hotels sectors as he owns and operates 40 current and 18 under establishment hotels and resorts.

The investments in the banking sector was through Citigroup; Rotana Media Group represents the investments in the media sector; while the aviation sector saw Talal’s investments in Flynas, the statement added.

Minister of Investment Sahar Nasr highlighted that there is coordination with the ministry of transport to issue a draft law to regulate the ride-hailing services, assuring that the ministry is working on eliminating any challenges facing Careem ride-hailing company’s work inside Egypt.

In June, Kingdom Holding acquired 7.11 percent stake in ride-hailing firm Careem for $62 million.

Saudi Arabia is considered to be among the most important five foreign investing countries in Egypt. The kingdom has invested a worth $5.2 billion in Egypt over the past five years, across 29 projects, according to the Kuwait-based Arab Investment and Export Credit Guarantee Corporation’s July report.

In a May meeting with Nasr in Jeddah, the Egyptian-Saudi Business Council said that their investments in Egypt are expected to rise to $51 billion.

The Saudi investors told Nasr they intend to invest in the agricultural, industrial, energy, construction and tourist sectors, as well as the development of the Suez Canal axis.