Saudi Arabia’s Ajlan & Bros Holding is seeking to make initial investments of $1.5 billion to build tourism projects in Ras Gamila, located near Sharm El-Sheikh in Egypt, one source in the know told Asharq Business.

On April 14th, it was reported that the firm had submitted a letter to the Egyptian government, expressing its interest in developing an integrated tourism project in Ras Gamila.

The company’s offer includes establishing around 10 four- and five-star hotels in Ras Gamila for the project’s first phase, with a capacity of up to 3,000 rooms, the source noted.

The source said that the Saudi offer does not include the purchase value of the land plot, adding that concluding the deal is subject to other projects under negotiation with Egypt.

He pointed out that contracting on these projects will be a one-shot deal.

Moreover, the source unveiled that Ajlan and Bros also submitted an offer to acquire companies under Egypt’s initial public offering (IPO) program, expecting the completion of negotiations within six months.

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (