Saudi prince Alwaleed to invest $800m in Egypt hotels

Billionaire plans to expand Four Seasons on the Red Sea coast and build two more properties

Prince Alwaleed will expand in Sharm El Sheikh. Getty Images

Saudi Arabia's Prince Alwaleed bin Talal will invest about US$800 million to expand the Four Seasons resort in Sharm El Sheikh, in partnership with Talaat Moustafa Holding, Egypt's Investment Minister Sahar Nasr said on Monday.

The billionaire prince Alwaleed's investment will also include establishing two new hotels in Al Alamein, a town on Egypt’s Mediterranean coast, and Madinaty, a residential compound east of Cairo, Mr Nasr.

Prince Alwaleed owns about 40 hotels and resorts in Egypt, in addition to 18 others that are still under construction.

In June, Egypt passed a long-delayed investment law that aims to make doing business there easier and lure back investors after years of turmoil following a political uprising in 2011.

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Egypt floated its pound currency in November and is making economic reforms under a three-year $12 billion IMF programme in an effort to restore capital flows after the uprising drove away investors and tourists.

* Reuters