British Co. Halts £1 bln Investments In Egypt Over 30-June Protests

Tarek Saad El Din, CEO of Tourism Development Authority (TDA), said the venture of constructing a city for car racing in Hurghada, which its investments estimated at £1 billion, halted till the expectant protests on June 30th end.

In exclusive statements to “Amwal AL Ghad”, Saad El Din revealed that the British company decided to defer the negotiations over the venture on account of the political and economic tensions in Egypt nowadays.

The British company was planning to construct a city for car racing. It showed the venture to the Tourism Development Authority and promised to inject £ 145 million immediately after getting the demanded approval in order to start carrying out the venture.

Saad El Din elaborated that the cost is out of the total investments that amount to € 1 billion, which the British company intends to inject in the venture.