Saudi's Al-Lami Group intends to invest $500mln in Egypt

The group is working on opening a new hotel in Sharm El-Sheikh in 2024

Staff Writer, Arab Finance

November 21, 2023

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The Saudi Arabian Al-Lami Holding Group is planning to invest $500 million in the Egyptian tourism and real estate sectors over the next two years, CEO Mohammed Talaat Al Lami told Asharq Business.

The group is working on opening a new hotel in Sharm El-Sheikh in 2024, with investments worth $50 million and a hotel capacity of 500 rooms, Al Lami added.

Moreover, the group will also build a residential project and a mall on an area of 85 feddans in the Green Belt area in the 6th of October City with $100 million in investments, he revealed.

The construction works at this project are set to commence in the first half of 2024, he pointed out.

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