Prince Alwaleed Bin Talal of Saudi Arabia, who has billions of dollars at his disposal, has agreed with the Talaat Moustafa Group, a development firm that is based in Egypt, on plans for hotel development throughout Egypt that are slated to involve $800 million of investments. This marks one of the single largest planned investments by foreign interests since Egypt’s major economic reform program began.
These plans will result in the expansion of the Four Seasons resort in Sharm el-Sheikh on the Red Sea, among other plans that include establishing hotels in al-Alamein, which is a city located on Egypt’s Mediterranean sea coastline, as well as in Madinaty, a residential complex out of Cairo to the east. This marks a significant boost to the prince’s holdings in Europe. Currently, Alwaleed owns about 40 hotels and resorts throughout the country, with 18 other properties still under construction in the development pipeline.
This comes after Egypt passed a long-delayed investment law in June with the goal of making it easier to do business within the country, luring back some of the investment capital that has been lost since political turmoil swept through Egypt in the uprisings that occurred in the spring of 2011.
Egypt is looking to reach and exceed a target of $10 billion of direct foreign investments this year, marking yet another step toward restoring investor confidence throughout the country. This number includes a reduction to the restrictions on Egypt’s currency and subsidies, which are part of a bid to win a $12 million loan from the International Monetary Fund.
One of the top priorities of Egypt’s ongoing economic recovery efforts is to increase the number of travelers who visit the country. In 2015, a Russian passenger plane was bombed above Sharm el-Sheikh, killing all of the 224 passengers that were on board. This tragedy, as well as other militant attacks on security forces and civilians has curtailed the number of visitors that Egypt has been able to attract from outside of the country.
That said, overall tourist numbers have been on the rise in Egypt even with the attacks. Take March of this year for example, a month during which 654,900 foreign visitors came to the country, which marked a significant increase over the 440,700 that came in March of 2016, according to information from the Central Agency for Public Mobilization and Statistics.
Let´s take a look at other projects currently underway in Sharm el-Sheikh:
The first Swissotel in Egypt with 387 guestrooms and 374 residential suites is nearby the Crystal Lagoon and retail facilities. Furthermore there are planned residences [READ MORE…]
Part of the first phase, including extensive retail, residential apartments and the largest Crystal Lagoon in the world [READ MORE…]
Located in the Pearl of the Red Sea the hotel will feature luxury villas with private pools and gardens, an amphitheater, several themed restaurants, diving school and a luxury spa of 3000 m2 [READ MORE…]
More information on Hotel Projects can be found on TOPHOTELPROJECTS, the specialized service provider in the exchange of cutting-edge information of hotel construction in the international hospitality industry.