Saudi's Ajlan & Bros Holding Group has announced plans to invest $1.5 billion in tourism projects in Egypt's Ras Jamila region, overlooking the Red Sea coast. The proposal, submitted to the Cabinet, outlines the development of approximately ten hotels, ranging from 4 to 5 stars, in the Sharm El-Sheikh region, potentially adding up to three thousand hotel rooms. The initial investment will focus on hotel infrastructure, excluding land valuation, with completion contingent on ongoing negotiations with Egypt for other projects.
Additionally, the group seeks to acquire companies within Egypt's initial public offering program, aligning with Egypt's aim to attract $6.5 billion from the program in 2024. This initiative follows Egypt's recent investment deal with the UAE, where Abu Dhabi Developmental Holding Co. acquired rights to develop the Ras El Hekma project, marking Egypt's largest foreign investment deal valued at $35 billion.