Grenada's state-run news agency says an Egyptian telecom mogul and politician is investing millions in the Caribbean island's hospitality industry.

Rawle Titus is director of Grenada's government information service. He says billionaire Naguib Sawiris is buying prime beachfront parcels where two hotel properties were badly damaged by Hurricane Ivan in 2004.

Titus says Sawiris is also investing in a property along Grenada's famed Grand Anse beach where apartments house students attending medical school St. George's University.

Financial figures were not disclosed.

Sawiris was in Grenada on Thursday and met with Prime Minister Keith Mitchell.

Sawiris is the former chairman of Wind Telecom and Orascom Telecom Holding. He is an Egyptian Christian who is founder of one of Egypt's liberal opposition parties and was owner of a liberal Egyptian satellite channel.