Saudi Arabia’s Prince Alwaleed bin Talal

will invest about 800 million dollars to

expand the Four-Seasons-resort in

Sharm el-Sheikh, in partnership

with Talaat Moustafa Holding

Group, Egypt’s Investment Minister,

Sahar Nasr said on Monday.

Billionaire Alwaleed’s investment

will also include establishing two

new hotels in al-Alamein, a town on

Egypt’s Mediterranean coast, and

Madinaty, a residential compound

east of Cairo, Nasr said in a

statement.

Alwaleed owns about 40 hotels and

resorts in Egypt, in addition to 18

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others that are still under

construction.

In June, Egypt passed a long-delayed

investment law that aims to make

doing business there easier and lure

back investors after years of turmoil

following a political uprising in

2011.

Egypt floated its pound currency in

November.

For now, the country is making economic

reforms under a three-year 12

billion dollar International Monetary Fund

programme in an effort to restore

capital flows after the uprising

drove away investors and tourists. (NAN)