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Monday, 28 August 2017

Saudi’s Sharbatly, El Shobokshi to invest USD 2.15 bn in Egypt

INVESTMENT WATCH- Saudi’s Sharbatly, El Shobokshy to invest USD 2.15 bn in Egypt: Abdulrahman Sharbatly’s Al Nahla Group and Fahd El Shobokshy’s Al Ahli Investment and Development will jointly invest USD 2.15 bn in Egyptian projects, according to an Investment Ministry statement. The pair, whose investments in Egypt together are presently worth a combined USD 3 bn, plan to allocate USD 1 bn to expanding their Golden Coast Company projects in Sharm El Sheikh and Hurghada’s Soma Bay. Another USD 1 bn will fund new projects in cooperation with real estate development firm ARCO. The remaining USD 150 mn will go into a second production line at South Valley Cement Company. The announcement follows a meeting with Investment Minister Sahar Nasr yesterday, at which the two businessmen outlined their investment strategy.

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