Sharm el-Sheikh Four Seasons resort on the Red Sea and build two new hotels at El Alamein on the north coast of Egypt and at Madinaty in Cairo.
“This is a global investor and he compares between places to decide where to invest,” Investment Minister Sahar Nasr told reporters in Cairo. “He sees that the business environment is now attractive and he is committed to investing in Egypt.”
Bloomberg Billionaires Index estimates that Talal has a net worth of USD 18.7 billion and is the world’s 48th richest man. For Egypt, the investment marks a positive sign for the country, especially following the devaluation of its currency earlier this year. Last month, the Egyptian government approved a new investment law, which will pave the way for a stimulated business environment and is expected to improve investor confidence and market conditions.
Egypt has said it hopes to exceed its USD 10 billion target for foreign direct investment this year, after taking a series of steps meant to restore investor confidence, including easing currency restrictions and cutting subsidies and winning a USD 12 billion International Monetary Fund loan.