Alwaleed bin Talal to invest north of USD 800 mn in hotel projects with Egypt’s TMG
INVESTMENT WATCH- Globally prominent Saudi businessman Alwaleed bin Talal’s Kingdom Holding Company will be investing more than USD 800 mn in projects alongside Egypt’s Talaat Moustafa Group (TMG) under an agreement inked with Investment and International Cooperation Minister Sahar Nasr on Sunday, a statement said. The funds will be used in part to finance TMG’s ongoing expansion of the Four Seasons Resort in Sharm El Sheikh, where costs have reportedly ballooned to EGP 7 bn from an estimated EGP 1.8 bn back in 2016. The expansion, which should be completed sometime next year, would add up to 800 new rooms to the resort, making it the largest Four Seasons resort in the Middle East with 1,400 rooms, according to Al Masry Al Youm. Kingdom Holding is also earmarking funds for TMG’s construction of a new hotel in Alamein and a Four Seasons in Madinaty, which are currently in the works.