Samih Sawiris eyes tourism investment in Saudi Arabia

Egyptian billionaire Samih Sawiris, founder of Orascom Development Egypt, has started negotiations with Saudi parties to invest in the Saudi Arabia’s tourism sector.

Sawiris told Bloomberg, on the sidelines of a Tuesday conference held in 6th of October city, that the rapid moves taken by Saudi Arabia, especially in the tourism sector, have caused a major shift that encouraged him to invest there.

He added that measures related to procedures and permits for yacht tourism have as well increased competitiveness of the Saudi market.

The billionaire predicted that 2023 will be the best year for tourism in Egypt since 2011, pointing out that the devaluation of the local currency in Egypt is positive for tourism even if it raises the costs of real estate activity.

Real estate products are re-priced on a daily basis due to the successive changes in the prices of building materials, he said.

Orascom Development Egypt opened an office in the Gulf and aims to launch promotional tours to attract buyers from the US and Canada for real estate in Egypt, aspiring to sell between 25 percent and  50 percent to clients from the Arabian Gulf and North America.

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