Wealthy Saudi Prince To Invest Over 800 Mln USD In Egypt.

Saudi business tycoon Prince Alwaleed bin Talal will invest more than 800 million U.S

CAIRO, Aug 8 (UrduPoint / Pakistan Point News - 08th Aug, 2017 ) : Saudi business tycoon Prince Alwaleed bin Talal will invest more than 800 million U.S. Dollars in Egypt, the state-run MENA news agency reported.

After a meeting with Egyptian Minister of Investment Sahar Nasr at the Egyptian Red Sea resort of Sharm al-Sheikh, Bin Talal announced his investment plan in the most populous Arab country. Both discussed increasing the investments by the prince in many fields, mainly the hotel, media and aviation sectors.

Bin Talal is known to be the wealthiest Arab businessman and one of the richest men in the world.

Egypt has been suffering from an economic recession over the past few years due to political instability and terror attacks that have led to the decline of tourism, foreign Currency reserves and foreign investments.

To attract foreign investors, Egypt has floated its local currency's exchange rate and taken a series of measures to simplify the investment process. Egypt also started last year a three-year economic reform program including austerity measures, fuel subsidy cuts and tax increase. The program is encouraged by a 12-billion-dollar loan provided by the International Monetary Fund (IMF).