Saudi Arabia’s Ajlan and brothers holding group is seeking an initial investment of $1.5 billion to create tourism projects in the Ras Jamila area overlooking the Red Sea in Egypt.
According to an insider who spoke to Mubasher on condition of anonymity, a Saudi family has expressed a desire to obtain land in the Ras Jamilah area to create a tourism project. In the first stage, the proposal includes the creation of about 10 hotels of 4 and 5-star categories overlooking the Red Sea near the coastal city of Sharm el-Sheikh, with a total capacity of up to 3,000 hotel rooms.
Saudi Arabia’s initial investment proposal is reported to be for hotels only and does not include the cost of land. The completion of the deal is linked to other projects currently under negotiation with Egypt, where all project contracts will be awarded immediately.
He explained that the Saudi Ajlan group has also submitted an offer to acquire Egyptian companies under the government’s tender program, expecting negotiations to be completed within 6 months.
The area of the Ras Jamila land plot, located opposite the Strait of Tiran, is 860 thousand square meters and belongs to the Ministry of Business Sector of the Egyptian government.