Riyadh - Sharikat Mubasher: The Saudi-based Al-Lami Holding Group plans to invest $500 million in Egypt within the upcoming two years, Mohammed Talaat Al-Lami, CEO of the group, revealed.
These investments will be injected into the Egyptian tourism and real estate sectors, Al-Lami stated in an interview with Asharq Business.
He added that the group is set to inaugurate a new 500-room hotel in Sharm Al Sheikh in 2024 with investments worth around $50 million.
The CEO further announced that the group recently obtained a license to establish a residential project and a mall in the 6th of October City with investments worth $100 million. The group is expected to break ground on this project during the first half of 2024.
Moreover, Al-Lami pointed out that the group’s total investments in the Egyptian market are estimated at $3 billion.
It is worth mentioning that around 7,000 Saudi companies are investing in the Egyptian private sector.
