Samih Sawiris plans for new tourist destination similar to El-Gouna in Saudi Arabia
Updated 6/12/2023 8:34:00 AM
Arab Finance: Egyptian billionaire Samih Sawiris plans to build a tourist destination similar to Egypt’s El-Gouna in Saudi Arabia, as part of his investment plans in the kingdom this year, the business tycoon told Asharq Business on June 11th, on the sidelines of the Arab-Chinese Business Conference held in Riyadh.
The first phase of this project will be carried out with no less than $500 million in investments, Sawiris said.
The anticipated project, which overlooks the Red Sea, will be implemented in partnership with investors from the Saudi private sector, he pointed out.
Sawiris added that he also plans for a tourism project in Jeddah to revive an ancient heritage area, as part of the kingdom's plans to highlight Saudi heritage and culture.
This project is expected to be implemented within five years and is set be the largest attraction in Jeddah, similar to the Diriyah area in Riyadh, he said.
Moreover, Samih plans to build a new hotel in Switzerland with an investment of $200 million, with construction works to start early next year.
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