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Saudi Al-Lami Group to invest $500 million in Egypt's tourism and real estate sectors

The Saudi Al-Lami Holding Group unveiled its plans to make a substantial investment of $500 million in Egypt over the next two years.
21.11.23 | Source: Ahram Online

Al-Lami revealed that the group is currently focused on developing a new hotel in Sharm El-Sheikh, which will begin to operate in 2024.  

With investments of up to $50 million, the hotel boasts a capacity of 500 rooms to accommodate the growing number of tourists and travellers visiting the region, Al-Lami stated during an interview with Asharq Business.

He emphasized that the group's investments in the country have already reached $3 billion.

Furthermore, Al-Lami disclosed that the group has acquired a real estate development license for a sprawling 85-acre area in the Green Belt region of the 6th of October City west of Cairo.

This acquisition sets the stage for launching an ambitious residential project and a commercial mall, with investments worth $100 million.

The group is expected to commence construction work for the project and the mall in the first half of 2024.