Investors from the Arab Gulf countries control about 99 percent of the total Arab contribution to Egyptian tourist development projects, accounting for LE 403.4 million of total investment estimated at LE 406 million.
Khaled Makhlouf, the chairman of Egypt’s Tourism Promotion Authority, told NOOZZ earlier this week that Kuwaiti investors pumped the largest amount of investment in the Red Sea area with contributions estimated at LE 126 million. The second largest Arab investors in the area came from Saudi Arabia with total contributions of nearly LE 108 million
Makhlouf pointed out that three investment groups from the Gulf area have teamed up with an Egyptian company to launch four tourist projects in Egypt at a total investment cost of LE19 billion.
The combined area for the four projects amounts to 37 million square meters. The Gulf investors include Pyramids Plaza of Saudi Arabia in addition to two Kuwaiti tourism companies.
Industry officials in the Egyptian real estate and tourism industries affirm the influx of investments from the Gulf area in the Egyptian real estate and tourism sectors. They added that both industries were expected to benefit from the oil surpluses in the Gulf area leading to searches for high-revenue investments.
Makhlouf said the Saudi group will commence an LE 1 billion project to construct a tourism compound with a shopping mall and auto exhibition in the Red Sea area.