Grenada's state-run news agency says an Egyptian telecom mogul and politician is investing millions in the Caribbean island's hospitality industry. Rawle Titus is director of Grenada's government information service. He says billionaire Naguib Sawiris is buying prime beachfront parcels where two hotel properties were badly damaged by Hurricane Ivan in 2004. Titus says Sawiris is also investing in a property along Grenada's famed Grand Anse beach where apartments house students attending medical school St. George's University. Sawiris, 59, flew into the Caribbean island nation of Grenada on Wednesday and held talks on Thursday with Prime Minister Keith Mitchell at the VIP Lounge at the Maurice Bishop International Airport. The telecom tycoon has already acquired prime parcels of beachfront land and Silver Sands Hotel, a popular hotel that was damaged by a hurricane in 2004. He is also said to be interested in another prime lot owned by St George's University in Morne Rouge. The Government of Grenada says Sawiris plans to build three five-star hotels in the country. Financial figures were not disclosed. Grenada's government said Sawiris, who has reportedly already bought beachfront property in the country, was introduced to the island by Danny Fahkre, Grenada's Deputy Ambassador to the United Kingdom. In a statement released Friday, the government said Sawiris had already purchased Silver Sands, and is interested in the Riviera property between Camerhogne Park and the Grenada Grand Beach Resort. Talks also continue for the lot owned by St George's Univesrity in Morne Rouge. The government said Sawiris is "hoping to get the ball rolling" on construction of the lot at Silver Sands "as soon as possible," with the possibility of three new five-star hotels within three to four years. Sawiris , who is worth $2.5 billion according to FORBES' latest estimates, is the former chairman of Wind Telecom and Orascom Telecom Holding (ORTE.CA). He is an Egyptian Christian who is founder of one of Egypt's liberal opposition parties and was owner of a liberal Egyptian satellite channel. Source: The Associated Press & Forbes
