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Saudi Al Lami Group intends to invest $500M in Egypt

Al Lami added that his group's investments in Egypt amount to $3 billion

By: Business Today Egypt

Mon, Nov. 20, 2023

The Saudi Al Lami Holding Group intends to invest $500 million in Egypt over the next two years in the tourism and real estate sectors, according to Mohamed Talaat Al Lami, Group Head announced.

Al Lami added that his group's investments in Egypt amount to $3 billion, he made his announcements on the sidelines of the visit of a Saudi delegation headed by Trade Minister Majid Al Qasabi to Cairo.  

Thr group is working to launch a new hotel in Sharm El-Sheikh during 2024 with investments of $50 million and a hotel capacity of 500 rooms. The group head also unveiled that it obtained a real estate development license on an area of ​​85 acres in the Green Belt area in 6th of October City.

Al Lami revealed that a residential project and a commercial mall will be launched on this land plot with investments of $100 million, with construction work on the project starting during the first half of 2024.

The tourism industry is key source of foreign currency to Egypt’s economy, the government aims to double the number of tourists over the next five years to reach 30 million tourists by 2028.

Egypt's tourism revenues increased by 26.8%, reaching $13.6 billion in FY2022/2023, compared to $10.7 billion in FY2021/2022, according to a report by the Central Bank of Egypt (CBE) on Wednesday.