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Add to Preferred SourcesPrince Alwaleed bin Talal is investing $800 million into the expansion of the Four Seasons resort in Sharm el-Sheikh, a popular tourist destination in Egypt, the country’s Ministry of Investment and International Cooperation (MIIC).
The chair of Kingdom Holding Company, which has stakes in companies such as Apple, Time Warner and Twitter, met with the Minister of Investment and International Cooperation Sahar Nasr on Monday and finalized the agreement.
The project, in partnership with Talaat Mustafa Group, will make the Four Seasons the world’s largest resort. Talaat Mustafa Group’s current investments in Egyptian hotels is estimated at about $1.8 billion by the MIIC.
This isn’t the Saudi prince’s first investment in Egypt—he already owns 40 hotels and resorts as well as 18 that are under construction. His latest investment will also establish two new hotels in New Alamein, on the country’s north coast and in Cairo’s Madinaty area.
Egypt’s new investment law, which was ratified in June 2017, has opened up investment opportunities and makes it easier to do business in the country—an attempt to bring in more investors. Egypt is fighting to reform its economy and floated its currency in November as a requirement under its $12 billion loan from the International Monetary Fund, which will be doled out over three years.
Prince Alwaleed takes the top spot on Forbes Middle East’s list of The World’s Richest Arabs 2017, with a net worth of $18.7 billion.
Original source: Forbes Middle East.
Posted on 9 August 2017.