Al-Waleed bin Talal not a company shareholder: Talaat Mostafa Group

CAIRO – 7 November 2017: Talaat Mostafa Group Holding (TMG) denied that any stakes in the company are owned by Saudi Prince Al-Waleed bin Talal or his company Kingdom Holding Company.

In a short statement to the Egyptian Exchange, TMG clarified that a total value of $213 million has been invested so far in expanding the Four Seasons Resort Sharm El-Sheikh project, which the company works on jointly with the Saudi prince."Another value of $170 million is yet to be directed to the project, and will be financed by the company," TMG added.

Al-Waleed bin Talal pledged in August new investments in the hotel sector in Egypt as he announced a cooperation deal with TMG, which carries a total investment volume that exceeds $800 million that will be injected into the hotel sector.

The deal, which was announced by Minister of Investment Sahar Nasr, will include the expansion of the Four Seasons Resort Sharm El-Sheikh—making it the largest hotel in the world. Inaugurated in 2002, the Sharm property will add 800 new rooms at a total cost of $380 million to have a total of 1,400 rooms, and the extension is scheduled to finish by next year.

A new hotel will be built in TMG’s Madinaty along the Suez Road and another in Al-Alamein on the North Coast; the latter is seeing increased interest, most recently from the UAE’s Mohamed el-Abbar, who just days before the Talal-TMG deal announced his intention to set up a number of projects in the city.

TMG and the Four Seasons brand have jointly implemented hotels such as the Four Seasons Nile Plaza in Cairo and Four Seasons Alexandria, in addition to the Sharm property.

Eleven princes, four ministers and tens of former ministers were detained late on Saturday after King Salman decreed the creation of an anti-corruption committee chaired by Crown Prince Mohammed bin Salman.

Billionaire Prince Al-Waleed bin Talal, a nephew of the king and owner of investment firm Kingdom Holding, faces allegations of money laundering, bribery and extorting officials.