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

CAIRO - 20 November 2023: The Saudi Al Lami Group has announced its intention to invest $500 million in the Egypt’s tourism and real estate sectors over the next two years. The announcement was made by Mohamed Talaat Al Lami, the Group Head, during a visit by a Saudi delegation led by Trade Minister Majid Al Qasabi to Cairo.

Highlighting the group's commitment to Egypt, Al Lami revealed that the total investments made by his group in the country currently amount to $3 billion. These investments are set to further strengthen Egypt's position as a prominent tourist destination and contribute to its real estate development.

One of the major projects planned by the Al Lami Holding Group is the launch of a new hotel in Sharm El-Sheikh in 2024 with investments of $50 million and a capacity of 500 rooms.

Moreover, Al Lami disclosed that his group has obtained a real estate development license for an expansive land plot spanning 85 acres in the Green Belt area of the 6th of October City. This location will serve as the foundation for a residential project and a commercial mall, with an estimated investment of $100 million. Construction work on this project is scheduled to commence in the first half of 2024.

The tourism industry holds immense significance for Egypt's economy, acting as a vital source of foreign currency. In line with this, the government has set an ambitious target of doubling the number of tourists over the next five years, aiming to attract 30 million visitors by 2028.

The country's tourism sector has already shown promising growth, as reflected in the recently released report by the Central Bank of Egypt (CBE). The report stated that Egypt's tourism revenues experienced a substantial increase of 26.8 percent, reaching $13.6 billion in the fiscal year 2022/2023. This figure marks an increase from the $10.7 billion recorded in the previous fiscal year.