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Saudi Arabia’s Prince Alwaleed bin Talal
will invest about 800 million dollars to
expand the Four-Seasons-resort in
Sharm el-Sheikh, in partnership
with Talaat Moustafa Holding
Group, Egypt’s Investment Minister,
Sahar Nasr said on Monday.
Billionaire Alwaleed’s investment
will also include establishing two
new hotels in al-Alamein, a town on
Egypt’s Mediterranean coast, and
Madinaty, a residential compound
east of Cairo, Nasr said in a
statement.
Alwaleed owns about 40 hotels and
resorts in Egypt, in addition to 18
others that are still under
construction.
In June, Egypt passed a long-delayed
investment law that aims to make
doing business there easier and lure
back investors after years of turmoil
following a political uprising in
2011.
Egypt floated its pound currency in
November.
For now, the country is making economic
reforms under a three-year 12
billion dollar International Monetary Fund
programme in an effort to restore
capital flows after the uprising
drove away investors and tourists. (NAN)
