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

Egypt Will Mark World Cleanup Day with 4 Massive Eco Campaigns

Egyptian StreetsSeptember 18, 2019

Egypt Issues Arrest Warrant for Italian Diplomat Accused of Smuggling Antiquities

Egyptian StreetsSeptember 17, 2019

Egypt Plans Nation-Wide Citizen Input Workshops to Discuss State Budget

Egyptian StreetsSeptember 15, 2019

Egypt Condemns Drone Attack on Two of Saudi Arabia’s Aramco Oil Facilities

Egyptian StreetsSeptember 15, 2019

Sisi Says Videos on Government Corruption Full of ‘Lies’ and ‘Slander’

Egyptian StreetsSeptember 14, 2019

Egypt-Belgium MoU Secures EGP 16 m For Baron Palace Renovation

Egyptian StreetsSeptember 13, 2019

Egypt Appoints New Prosecutor General Hamada El-Sawy

Egyptian StreetsSeptember 12, 2019

London School of Economics Denies Reports of Deal to Open Branch in Egypt’s New Capital

Egyptian StreetsSeptember 11, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.