US-Saudi group to invest USD 3.3 bn in theme park
INVESTMENT WATCH- US-Saudi group to invest USD 3.3 bn in Egypt theme park — largest FDI since Investment Act: Entertainment World Company signed a contract to develop a USD 3.3 bn “Disneyland-style” theme park on a 5,000-acre plot of land in Al Alamein, the Investment Ministry said in a statement on Thursday. The project, which will be funded with investments from the US and Saudi Arabia, includes the establishment of an open zoo, an aqua park, medical and sports cities, and hotels, said Matrouh Governor Alaa Abu Zeid. Investment Minister Sahar Nasr hailed the project as the largest foreign direct investment in Egypt since the issuance of the Investment Act. Managing director of Entertainment World MEA Lisa Marie Stephen said the theme park, one of Entertainment World Company’s largest investments globally, will be implemented over the course of nine to 10 years, over several stages, with the first stage completed over two years.
That’s just one of several big announcements on Saudi investment to come out of the Thursday meeting of the Egyptian-Saudi Business Council.
Also Thursday: Saudi Arabia’s Al Tayyar Travel Group said it plans to invest “EGP bns” in Egypt’s real estate and tourism sectors over the coming period, said Ahraf Sheeha, head of Al Tayyar Egypt, according to Al Mal. The statements follow a meeting with Housing Minister Moustafa Madbouly, who reportedly promised to clear obstacles facing real estate investors as a condition of the company bidding for an investment in New Alamein, Al Masry Al Youm reports. The Group’s CEO, Abdullah Aldawood, had told Reuters last December that the company would commit fresh capital to Egypt in early 2018.
QIZ agreement with Saudi? At the meetings, a number of investors called on Trade and Industry Minister Tarek Kabil to establish an investment and manufacturing framework between both countries along the lines of the the Qualified Industrial Zones (QIZ) between Egypt, the US, and Israel. This would help spur Saudi investment in Egypt, which according to Kabil topped USD 6.1 bn in 2017.
Thursday also saw the signing of a EGP 1.2 bn agreement with the UAE’s El Orouba for Real Estate, which would see it develop a resort in Matrouh over a 172-feddan area. El Orouba will also invest EGP 3.2 mn a year on a date production facility in Siwa, the statement notes.