– Saudi’s Ajlan & Bros Holding Group plans to invest $1.5 billion in tourism projects in Egypt’s Ras Jamila region overlooking the Red Sea coast, with a focus on developing approximately 10 hotels.

– The proposed investment aims to create up to 3,000 hotel rooms in the Sharm El-Sheikh area, contributing to Egypt’s tourism sector growth and infrastructure development.

– In addition to the tourism venture, Ajlan & Bros Holding Group is also considering acquiring companies listed within Egypt’s IPO program, aligning with the nation’s efforts to attract foreign investment and stimulate economic growth.

Saudi’s Ajlan & Bros Holding Group is gearing up to inject an initial investment of $1.5 billion into tourism projects in Egypt’s Ras Jamila region, overlooking the picturesque Red Sea coast.

The group has officially presented a proposal to the Cabinet, outlining plans for the development of approximately 10 hotels in the Sharm El-Sheikh region, boasting ratings ranging from 4 to 5 stars, with a collective capacity of up to 3,000 hotel rooms, Sources cited by Asharq Bloomberg revealed.

Sources suggest that the initial investment will primarily target the development of hotel infrastructure, excluding the land valuation.

The completion of this substantial investment deal hinges on negotiations concerning other projects with Egypt, with all associated contracts slated to be finalized simultaneously.

In addition to the tourism venture, the group has expressed interest in acquiring companies listed within Egypt’s IPO program. Negotiations for these acquisitions are expected to conclude within 6 months.

Egypt’s IPO program encompasses a roster of 35 state-owned companies earmarked for strategic investor involvement, public offering on the Egyptian Stock Exchange, or a combination of both, aimed at bolstering foreign currency reserves aligned with state policy.

This investment initiative follows hot on the heels of the landmark Egypt-UAE investment deal, which saw Abu Dhabi Developmental Holding Company (ADQ) securing development rights for the Ras El Hekma project—a deal valued at an impressive $35 billion, marking Egypt’s largest foreign investment endeavor to date.