The Saudi Al Lami Group, led by Mohamed Talaat Al Lami, plans to invest $500 million in Egypt's tourism and real estate sectors in the next two years. This move solidifies the group's commitment to Egypt, with their total investments already reaching $3 billion.
LARGE PROJECTS IN THE PIPELINE
Sharm El-Sheikh Hotel
The Al Lami Holding Group is gearing up for a major project—a new hotel in Sharm El-Sheikh by 2024. This venture, costing $50 million and offering 500 rooms, aims to enhance Egypt's status as a tourist hotspot.
6th of October City Development
The group secured a license for a big plot in the Green Belt area of 6th of October City. They plan to invest $100 million in turning the 85-acre land into a residential project and a mall. Construction starts in the first half of 2024.
BOOSTING EGYPTIAN TOURISM
The tourism sector is an essential catalyst for economic growth along with the rise of 4th generation cities in Egypt. The influx of international visitors creates revenue through accommodations, food, and attractions. It also provides a crucial source of foreign currency, and a thriving business environment.
The Egyptian government aims to unlock the full potential of its economy. They have set ambitious targets: doubling tourist numbers in the next five years and attracting 30 million visitors by 2028. This goal shows a strategic approach to showcase Egypt's history, culture, and natural beauty to the world.
The Central Bank of Egypt's report for the fiscal year 2022/2023 also reveals promising growth in tourism. Egypt's tourism revenues surged by 26.8%, reaching $13.6 billion. This is a notable increase from the $10.7 billion in the previous fiscal year.
So with these factors in mind, an ideal real estate and hospitality environment is emerging that Al Lami Group are looking to capitalise on.
A STRONG SIGNAL FOR EGYPT'S ECONOMIC POTENTIAL
Saudi Al Lami Group's large investments signal confidence in Egypt's economic potential and contribute to the nation's growth in both tourism and real estate sectors.