Global Courant 2023-05-03 14:17:52
Egyptian billionaire Samih Sawiris, founder of Orascom Development Egypt, has started negotiations with Saudi parties to invest in Saudi Arabia’s tourism sector.
Sawiris told Bloomberg, on the sidelines of a Tuesday conference in the city on Oct. 6, that Saudi Arabia’s rapid moves, especially in the tourism sector, have created a major shift that encouraged him to invest there.
He added that measures related to hunting tourism procedures and permits have also increased the competitiveness of the Saudi market.
The billionaire predicted that 2023 will be the best year for tourism in Egypt since 2011, pointing out that the devaluation of the local currency in Egypt is positive for tourism, even if it increases the cost of real estate activity.
Real estate products are being repriced daily due to sequential changes in building materials prices, he said.
Orascom Development Egypt opened an office in the Gulf and aims to launch promotional tours to attract buyers from the US and Canada to property in Egypt, with the ambition to raise between 25 percent and 50 percent to customers from the Arabian Gulf and North America.
