Egyptian billionaire Samih Sawiris announced plans to start investments in Saudi Arabia during the second half of this year.
“I will start with the tourism sector, and we plan to implement a project similar to the Egyptian city of El Gouna there, with investments for the first phase of the project amounting to at least US$500 million,” Sawiris said on Sunday.
He continued, “The project will overlook the Red Sea, and it will be implemented in partnership with investors from the Saudi private sector.”
Samih Sawiris added, “I also intend 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 we say anything,” Naguib explained in a telephone interview on Al-Hadath Al-Youm channel and in a post on his official page on Twitter
“Many investors today are afraid [to invest in Egypt] because we do not know what the price of the dollar will be like tomorrow,” he added.