News

Saudi Investors to Inject New Investments in Egypt Worth of $2.15 Billion

Saudi Investors to Inject New Investments in Egypt Worth of $2.15 Billion

Photo Credit: Ministry of Investment and International Cooperation

The Minister of Investment and International Cooperation Sahar Nasr agreed with the Saudi investors Sheikh Abdul-Rahman Al-Sharbatly and Sheikh Fahd El-Shobokshy to inject new investments in Egypt worth of around $US 2.150 billion.

Hassan Al-Sharbatly said that the investments would include the expansion of Golden Coast Sharm El-Sheikh in Nabq Bay and Hurghada’s Suma Bay with about $US 1 billion.

Also, the implementation of the South Valley Cement Company’s second line of production reaching approximately $US 150 million in addition to setting up new projects with the Arab Development Company ARCO worth about $US 1 billion.

“Nasr stressed that Egypt welcomes all investors, especially Saudi investors, noting that she was looking forward to increased Saudi investments in Egypt. She mentioned that all necessary procedures would be facilitated in light of the Egyptian-Saudi Business Council’s decision to raise the investment ceiling in Egypt to reach $US 51 billion from both the Saudi government and the private sector,” according to a statement by the ministry.

Earlier in August, Prince Alwaleed bin Talal of Saudi Arabia announced investing 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.

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.

Coptic Pope Tawadros II Arrives in Australia
Road Accident Leaves at Least 14 Killed and 40 Injured in Egypt's Beni Suef

Subscribe to our newsletter


News

More in News

Three Egyptian Women Join L’Oréal-UNESCO For Women in Science Fellowship Program

Nour EltiganiNovember 20, 2018

Egyptian MP Drafts New Law to Regulate Outdoor Advertising

Nour EltiganiNovember 19, 2018

Naguib Mahfouz’s Newly Discovered Stories to be Published This December

Mirna AbdulaalNovember 19, 2018

Egypt’s Unemployment Rate Down to 10 Percent in Q3 of 2018

Egyptian StreetsNovember 16, 2018

Egypt ‘Appreciates’ and ‘Trusts’ Final Saudi Investigation into Khashoggi Killing

Egyptian StreetsNovember 16, 2018

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018
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.