Saudi Billionaire to Invest $800m in African Tourism
Saudi Arabian billionaire Prince Alwaleed bin Talal is to invest more than $800m in hotels in Egypt, the investment ministry in Cairo said on Monday, according to news24.com.
The announcement came after parliament in May adopted a new law aimed at attracting foreign investment as the authorities seek to reinvigorate the North African country's struggling economy.
The ministry said in a statement that Bin Talal told Investment Minister Sahar Nasr in the Red Sea resort of Sharm el-Sheikh that he would invest in hotels in several locations.
Tourism in the Arab world's most populous nation has yet to bounce back from before the 2011 uprising that toppled longtime ruler Hosni Mubarak.
The fall in tourist arrivals worsened after the Islamic State group said it bombed a Russian airliner carrying holidaymakers from Sharm el-Sheikh in 2015 in a crash that killed all 224 people on board.