Prince Alwaleed to invest $800 mln in Egypt hotels

Saudi Arabia’s Prince Alwaleed bin Talal, chairman and founder of Saudi-listed Kingdom Holding Company (KHC), plans to invest about $800 million (SAR 3 billion) in hotel projects across Egypt.

In a meeting with Egyptian investment minister, Sahar Nasr, and the chairman of Talaat Moustafa Group, Hesham Talaat Moustafa, in Sharm el-Sheikh on Sunday, Prince Alwaleed agreed on plans to expand the Four Seasons hotel on the Red Sea to become the largest resort in the world, the Egyptian ministry of investment and international cooperation said on its website.

He also agreed to invest in two new hotels in El Alamein in the north and at Madinaty in Cairo, in cooperation with Talaat Mostafa Group, which has invested more than $1.8 billion in the Four Seasons Hotels in Sharm el-Sheikh, Nile Plaza, and Alexandria, as well as in Madinaty and El Alamein projects.

Prince Alwaleed has several major investments in Egypt, 40 hotels and resorts, while 19 hotels are still under construction. In the banking sector he invests through Citigroup, and in the media, he owns Rotana Media Group.

Also, the two parties discussed the government’s regulations on the private sector car-hailing services in Egypt such as Careem, in which Prince Alwaleed owns a 7 percent stake worth $62 million.