Saudi Prince Al-Waleed Bin Talal is to invest in a number of new touristic and construction projects in Egypt valued at $800 million, in an agreement reached with Talaat Moustafa Group (TMG) and Egypt's Minister of Investment and International Cooperation Sahar Nasr on Monday, the ministry said in a statement.
The investments include expanding the Four Seasons Resort Sharm El-Sheikh "to be the biggest resort in the world", the statement said. The prince will also invest in the construction of two new hotels in El-Alamein on the Mediterranean coast, and Madinty, a new city on the outskirts of Cairo.
Egyptian developers TMG will join the prince as a partner in the projects. TMG has already invested around 1.8 billion dollars in the Four Seasons Sharm El-Sheikh, the Nile Plaza in Alexandria, the Madinaty project and El-Alamein.
The new deal was reached during a meeting in Sharm El-Sheikh between Nasr and Al-Waleed Ibn Talal, the chairman of the Saudi Kingdom Holding Company. Also present was businessman Hesham Talaat Moustafa of TMG.
During the meeting, Nasr said that the investment environment is the main focus of Egypt's current economic programme. The ministry is working on implementing legislative and institutional reforms to facilitiate such investment, said Nasr, most importantly the new investment law, ratified recently by the president
"The law includes facilitations, guarantees and incentives for all investors," she said. "Egypt welcomes Saudi investors in Egypt and the ministry is working to overcome any obstacles to their work."
Prince Al-Waleed has already made substantial investments in Egypt across various sectors. He owns and operates 40 hotels and resorts, with 18 still under development.
He has invested in the banking sector through Citigroup, in the media sector through Rotana Media Group, and in the aviation sector through the NAS.