Billionaire Saudi Arabian Prince Alwaleed bin Talal will invest more than $800 million in Egypt, in partnership with Egyptian property developer Talaat Moustafa Holding Group.
The money will go for expanding the Four Seasons Resort in Egypt’s Sharm El-Sheikh, Egyptian Minister of Investment and International Cooperation Sahar Nasr said Monday. The venture will add on 800 rooms at a total cost of $380 million (7 billion).
Bin Talal and Hisham Talaat Mostafa, inspected the site of the Four Seasons Resort expansion project on Friday.
The current Four Seasons Resort which was inaugurated in 2002. The extension to the hotel is a partnership between the Saudi Prince’s Kingdom Holding Company and Talaat Moustafa Group.
Upon the completion of the expansion project next year, Four Seasons Resort Sharm El Sheikh is set to be the world’s largest Four Seasons resort, with 1400 rooms total. The project is expected to positively affect tourism flow to the city.
The Saudi billionaire’s investment will also include establishing two new hotels in al-Alamein, a city on Egypt’s Mediterranean coast, and Talaat Moustafa’s flagship Madinaty in east of Cairo, Nasr added.
Alwaleed already owns around 40 hotels and resorts in Egypt besides 18 others that are still under construction.