File photo: Saudi and Egyptian flags
Al-Lami revealed that the group is currently focused on developing a new hotel in Sharm El-Sheikh, which will begin to operate in 2024.
With investments of up to $50 million, the hotel boasts a capacity of 500 rooms to accommodate the growing number of tourists and travellers visiting the region, Al-Lami stated during an interview with Asharq Business.
He emphasized that the group's investments in the country have already reached $3 billion.
Furthermore, Al-Lami disclosed that the group has acquired a real estate development license for a sprawling 85-acre area in the Green Belt region of the 6th of October City west of Cairo.
This acquisition sets the stage for launching an ambitious residential project and a commercial mall, with investments worth $100 million.
The group is expected to commence construction work for the project and the mall in the first half of 2024.
Al-Lami’s remarks came during the visit of a Saudi delegation led by Trade Minister Majid Al-Qasabi to Cairo.
The meeting, attended by Egypt's Trade Minister Ahmed Samir, focused on fostering economic relations between the two countries.
Samir noted that Saudi investments in Egypt have already surpassed $6.3 billion, spread across 7,444 projects spanning various sectors, including industry, construction, tourism, services, and telecommunications.
On the other hand, Egyptian investments in Saudi Arabia have reached $1.6 billion, primarily in the manufacturing, retail, and construction sectors.
Saudi investments align with Egypt's broader objective of attracting foreign investments, particularly from GCC countries, to strengthen its dwindling US dollar reserves.
Egypt's tourism industry contributes up to 15 percent of the country's GDP and is a vital source of foreign exchange, along with the Suez Canal, expatriate remittances, and exports.
Minister of Tourism Ahmed Issa announced that the country plans to add 25,000 new hotel rooms by mid-2024 and increase the number of tourists to 30 million by 2028.
In FY2022/23, Egypt's tourism revenues hit a record high of $13.6 billion, up 26.8 percent from $10.7 billion in FY2021/2022, according to data released by the Central Bank of Egypt (CBE).