Billionaire Saudi prince to invest US$800 million in Egypt hotels

Saudi Arabia’s Prince Alwaleed bin Talal, chairman and founder of Saudi-listed Kingdom Holding Company, plans to invest about US $800 million (SAR 3 billion) in hotel projects across Egypt, according to media reports.

The Saudi prince, Egyptian investment minister, Sahar Nasr, and the chairman of Talaat Moustafa Group, Hesham Talaat Moustafa agreed on plans to expand the Sharm el-Sheikh Four Seasons hotel at the Red Sea to make it the largest resort in the world.

The reports add that billionaire Bin Talal also agreed to invest in two new hotels in El Alamein in the north and at Madinaty in Cairo, in cooperation with Talaat Mostafa Group, which has invested more than $1.8 billion in the Four Seasons Hotels in Sharm el-Sheikh, Nile Plaza, and Alexandria, as well as in Madinaty and El Alamein projects.

Prince Alwaleed has several major investments in Egypt - 40 hotels and resorts and 19 hotels are still under construction.

This announcement comes after the Egyptian parliament adopted a new law aimed at attracting foreign investment in May as the authorities seek to boost the North African country's economy. 

According to a Bloomberg report, Egypt has said it hopes to exceed its $10 billion target for foreign direct investment this year, after taking a series of steps to restore investor confidence, including easing currency restrictions and cutting subsidies in a successful bid to win a $12 billion International Monetary Fund loan. 

Prince Alwaleed is the world’s 48th-richest man, and who according to the Bloomberg Billionaires Index has a net worth of $18.7 billion.