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CAIRO / Reuters
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.
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.