(MENAFN) Saudi's Prince Alwaleed bin Talal will invest almost USD800mn in order to increase the Four Seasons resort in Sharm el-Sheikh, in tie with Talaat Moustafa Holding Group in Egypt.
Furthermore, his investment will also involve establishing two new hotels in al-Alamein, a town on Egypt's Mediterranean coast and Madinaty, a residential compound east of Cairo.
In June, Egypt passed a long-delayed investment law that plans to make doing business there easier and lure back investors.
Additionally, Egypt floated its pound currency in Nov and is making economic reforms under a three-year USD12bn IMF program.
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