Cairo - Member of the Saudi Arabian royal family Prince Khaled bin Waleed Al Saud is interested in establishing projects in Sharm El-Sheikh, according to a Monday statement from Egypt's Investment Ministry. In a meeting with Minister of Investment and International Cooperation Sahar Nasr, prince Khaled said he wants to hold partnerships with current projects in Egypt, expressing interest in supporting insolvent projects. The Saudi prince praised measures taken by the government to improve the investment climate, such as issuing the New Investment Law. During the meeting, Nasr showcased available investment opportunities in the New Administrative Capital, New Al-Alamein City and the Suez Canal Economic Zone (SCZone). Saudi investors seemed to be returning to the Egyptian market. Saudi business tycoons Abdulrahman Sharbatly and Sheikh Fahd El-Shobokshi announced intention Sunday to invest $2.15 billion in the Egyptian market. Sharbatly's son, Hassan Sharbatly disclosed intention to invest $2.15 billion in Sharm El-Sheikh and Hurghada projects in addition to a cement project. Saudi Prince Al-Waleed Bin Talal also pledged new investments in the hotel sector this month. The announced cooperation deal with Talaat Mostafa Group (TMG) carries a total investment volume that exceeds $800 million which will be injected into the hotel sector. Egypt is working to facilitate investments procedures especially for Saudi investments, in light of the plan of the Egyptian-Saudi Business Council to raise their investments in Egypt to $51 billion in both government and private sector.
