Saudi Arabia’s Sharbatly Group to invest $2 bln in Egypt

Saudi Arabia’s Sharbatly Group plans to invest $2.15 billion in Egypt, the Egyptian Ministry of Investment and International Cooperation said on its website.

Saudi businessmen Sheikh Abdulrahman Sharbatly and Sheikh Fahad Shubukshi met with Sahar Nasr, Egypt’s minister of investment and international cooperation, on Sunday to discuss investments in the North African country.

Sharbatly Group’s subsidiary Golden Coast Co. will invest $1 billion to expand its projects in Sharm El Sheikh and Hurghada, the statement said.

The group also plans to invest $150 million in a second production line of its South Valley Cement Company, in addition to launching new real estate projects through its subsidiary ARCO worth $1 billion.

Sharbatly and Shubukshi’s joint investments in Egypt are currently valued at $3 billion, Sharbatly said.

This includes big investments in key projects such as City Stars Complex, Golden Coast Co. for hotels and resorts, ARCO, South Valley Cement, in addition to various investments in the Egyptian stock market.