Billionaire Saudi prince to invest about $800 million in Egypt

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Billionaire Saudi prince to invest about $800 million in Egypt

7:21 CAT | 08 Aug 2017

Reuters (File photo) / Prince Alwaleed bin Talal attends the traditional Saudi dance known as 'Arda', which was performed during Janadriya culture festival at Der'iya in Riyadh February 18, 2014.

Saudi Arabia’s Prince Alwaleed bin Talal will invest about $800 million to expand the Four Seasons resort in Sharm el-Sheikh, in partnership with Talaat Moustafa Holding Group, Egypt’s Investment Minister Sahar Nasr said on Monday.

Billionaire Alwaleed’s investment will also include establishing two new hotels in al-Alamein, a town on Egypt’s Mediterranean coast, and Madinaty, a residential compound east of Cairo, Nasr said in a statement.

Alwaleed owns about 40 hotels and resorts in Egypt, in addition to 18 others that are still under construction.

In June, Egypt passed a long-delayed investment law that aims to make doing business there easier and lure back investors after years of turmoil following a political uprising in 2011.

Egypt floated its pound currency in November and is making economic reforms under a three-year $12 billion International Monetary Fund programme in an effort to restore capital flows after the uprising drove away investors and tourists.

Source: Reuters