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Gulf alliance assigns USD 500mn to purchase Red Sea hotels

17 Jan 2016

(MENAFN) An alliance of Saudi Arabian and Kuwaiti investors is looking to purchase a number of resorts and hotels in Hurghada and Marsa Alam, with investments between USD 400mn and USD 500mn.

Accordingly, the alliance started arguments with the owners of two resorts in Marsa Alam of a yearly capability of 700 rooms, which plans to purchase both resorts for USD 40mn.

In addition, there is a need for investments in the tourism sector, which reflects confidence in the future of the tourism industry, while 200 hotels and resorts have closed in the Red Sea.

The Egyptian tourism sector still attracting investments, particularly Gulf ones, despite the situations in the past five years, and Gulf investors buy hotels and resorts in Egypt.

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