Saudi Masa Alameriah to invest multi-billion pounds in Egypt’s New Alamein

Saudi Masa Alameriah Group plans to invest 15 billion Egyptian pounds ($930.6 million) in Egypt’s anticipated New El Alamein, its chairman said on Monday.

Bandr Al-Ameri told Amwal Al Ghad that his company would make investments in a number of real estate projects in the new city.

Al-Ameri said he recently met with Egyptian President Abdel Fattah al-Sisi, who encouraged him and other Saudi investors to invest in Egypt, where investment return exceeds 20 percent, compared with 5-6 percent in other countries.

New Alamein, northwest of Cairo, is one of Egypt’s anticipated fourth-generation cities, initiated by President Sisi in March 2018.

The city is planned to have universities and schools as well as various services and tourist activities. It is expected to accommodate 400,000 populations.