Egyptian billionaire to invest in mega tourism project in Saudi Arabia’s Red Sea

Thursday, June 15, 2023

Egyptian billionaire Samih Sawiris announced plans to start investments in Saudi Arabia during the second half of this year.

He continued, that the project will overlook the Red Sea, and it will be implemented in partnership with investors from the Saudi private sector.

Samih Sawiris added, that he intends to pump new investments in El Gouna at a value of $100 million within two years, and there is a tendency to build a new hotel and upgrade the existing hotels.

Investing out of Egypt

Egyptian billionaire Naguib Sawiris defended his brother Samih following outrage after Samih announced he would suspend his investment in Egypt.

Samih, Chairman of the Board of Directors of Orascom Development, referred to the suspension of investments at the present time in Egypt due to the economic conditions and the high exchange rate of the US dollar.

People should not assume bad faith in a family or in a person or individual like me or Samih when they say anything, Naguib explained in a telephone interview on Al-Hadath Al-Youm channel and in a post on his official page on social media.

Many investors today are afraid [to invest in Egypt] because they do not know what the price of the dollar will be like tomorrow, he added.

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