News

Saudi Prince Announces Plans to Invest $US 800 Million Throughout Egypt in New Talaat Moustafa Partnership

Saudi Prince Announces Plans to Invest $US 800 Million Throughout Egypt in New Talaat Moustafa Partnership

Prince Alwaleed bin Talal of Saudi Arabia is planning to invest around $US 800 million on projects in Sharm el-Sheikh, the Mediterranean city of al-Alamein, and Madinaty, a recently completed compound near El Shorouk City, said Investment Minister Sahar Nasr on Monday.

In a new partnership with Egypt’s real estate giant Talaat Moustafa Holding Group, the majority of the investment will be allocated to the expansion of the Four Seasons Resort in Sharm el-Sheikh, Nasr said in a statement.

The billionaire also aims to establish two brand new hotels in al-Alamein, a Mediterranean sea-side town, and Madinaty, a private residential compound located on the eastern end of Cairo.

Bin Talal already owns around 40 hotels and resorts throughout Egypt, as well as 18 more currently under construction.

Last June, Egypt passed a new law giving foreign investors an easier pathway to doing business in the nation in order to regain investments lost after 2011’s political uprising.

Recent efforts to reform the economy include Egypt’s floating of the pound last November, as well as financial restructuring under a $US 12 billion, three-year International Monetary Fund program aimed at restoring capital flows since the tourism industry took a major hit in the last six years.

Shark Attack Leaves an Austrian Tourist Injured in Marsa Alam
Egypt's Tourism Ministry Authorizes Resorts to Ban or Allow Burkini

Subscribe to our newsletter


News

An avid traveller, photographer, and culture aficionado who graduated from the London School of Journalism, Kari recieved her sciences degree in Anthropology from Loyola University Chicago. Kari is a Senior Editor and Writer at Egyptian Streets, Allteresting News, and Le Voyageur Magazine.

More in News

Cairo Opera House to Broadcast US Metropolitan Opera Performances

Farah Rafik27 January 2022

Egypt Beats Ivory Coast to a Place in AFCON 2022 Quarter Finals

Amina Zaineldine26 January 2022

Australian-Egyptian Daniel Nour Named Young Australian of the Year

Farah Rafik26 January 2022

Perusing Books Amidst a Pandemic: the Cairo Book Fair to Offer Vaccinations for Attendees

Mariam Zakzouk25 January 2022

Surge in Egyptian Expat Remittances Offer Signs of Economic Stability

Ibrahim Abdou24 January 2022

‘We’ve Been Strategic Partners for the Last 40 Years’: Interview with US Ambassador to Egypt

Marina Makary23 January 2022

President Sisi Orders Bonuses for Teachers, Medical Interns and Public Sector Employees

Egyptian Streets19 January 2022

Israeli Forces Demolish the Salhiya Family Home in Sheikh Jarrah

Fadila Khaled19 January 2022