Alwaleed Bin Talal should invest $800 million in Egypt
Prince Alwaleed Bin Talal, in partnership with Talaat Moustafa Group, should initiate one of the most ambitious hotel development projects since the beginning of economic reforms in Egypt.
Four Seasons Sharm El Sheikh
Saudi prince Alwaleed Bin Talal confirms Egypt's hotel development, as well as a possibility of resuming foreign investments on a larger scale.
Those investments should be used to expand the Four Seasons Sharm el-Sheikh, but also to implement new hotels in el-Alamein or in Madinaty (near Cairo). The prince already possesses numerous properties in the country, and eighteen more are underway. His other properties include, most notably, the Four Seasons George V, in Paris.
Egypt, despite political troubles in past years, seems decided to turn the page on the economic crisis. The government recently passed a bill destined to reassure foreign investors. The country aims at gathering $10 billion in foreign investments this year in order to tackle the economic crisis that has been underway for years. The main obstacle to the expected development is currently the critical decline in tourist arrivals in the country, although this seems to be improving in 2017.