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Saudi’s Ajlan & Bros Holding Group plans to provide initial investments worth $1.5 billion to establish tourism projects in Egypt’s Ras Jamila region overlooking the Red Sea coast, according to sources cited by Asharq Bloomberg.
The Saudi group submitted an official proposal to the Cabinet. The proposal outlines the development of approximately 10 hotels, with ratings varying from 4 to 5 stars, in the region of Sharm El-Sheikh, to create up to 3,000 hotel rooms.
The deal’s initial investment will focus on the hotel infrastructure and will not include the valuation of the land, according to sources.
Furthermore, the completion of the deal is dependent on other projects being negotiated with Egypt, and all contracts for these projects will be finalized together.
The group also submitted an offer to acquire companies within Egypt’s IPO program, expecting negotiations to be completed within 6 months.
Egypt’s IPO program is a list of 35 state-owned companies that were offered to strategic investors, the public offering on the Egyptian Stock Exchange, or both, to provide foreign currency, within the framework of a state-owned policy document.
Earlier in February, Minister of Finance, Mohamed Maait said Egypt is looking to attract $6.5 billion from its IPO program in 2024.
This deal comes after the signing of Egypt and the UAE investment deal under which Abu Dhabi Developmental Holding Company (ADQ) acquired the rights to develop the Ras El Hekma project.
It's worth noting that the Ras El Hekma deal represents Egypt’s largest foreign investment deal, amounting to $35 billion.
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