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Saudi investments in Egypt's tourism sector on the rise
12 July 2017
Investments by Saudi investors in Egypt's tourism sector are on the rise and currently 17 projects worth SAR1 billion ($270 million) are ongoing, a newspaper said on Tuesday.
"Saudis own six projects in the Red Sea, two at the Gulf of Aqaba, five in Ras Sedr , three in Ain Sokhna, and one at the North Coast," Yehya Rashid, Egypt's Minister of Tourism, was quoted as saying.
Rashid said he expects the investments in Egypt's tourist sector to rise by 30 percent by 2020, and added that Egypt is the top destination for Saudi investors and tourists from the GCC countries.
"All the Saudi investment projects in Egypt are underway with some under construction in partnership with Egyptian investors," Rashid said and clarified that there are no stalled projects by the Saudis in any Egyptian city or governorate.
The minister noted that there are currently more than 300 Saudi companies specialised in the tourism industry operating in Egypt, and more than 50 hotels and restaurants and malls are jointly owned by Saudi and Egyptian businessmen.
The minister said there are new investment opportunities in the tourism sector in Cairo, Sharm El Sheikh, the Red Sea and Aqaba, and they will be proposed to Saudi and Egyptian investors.
(Writing by Nada Al Rifai) ”
© Zawya Projects News 2017