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.
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.