Saudi Business Association to invest 700M EGP in Egypt’s first green hotel
Minister of Environment Khaled Fahmy - YOUM7 (Archive)

CAIRO: The Saudi Egyptian Businessmen Association plans (SEBA) to construct the first environmentally-friendly touristic hotel, with investments of 700 million EGP, Mubasher website reported Thursday.

The Minister of Environment Khaled Fahmy met a delegation from the SEBA to discuss cooperation between the ministry and association, and how to attract Saudi investments during the coming period.

The Secretary General of the association Ahmed Sabry Darwish said the group planned to construct the first and largest touristic environmentally friendly hotel in Ras Sedr, consisting of 500, according to a Thursday statement.

Saudi King Abdullah bin Abdulaziz Al Saud called for a donor conference in early June to help boost the Egyptian economy in a congratulatory cable sent to newly-elected President Abdel Fatah al-Sisi.

On June 5, Cairo created a list of projects to be sent to Gulf countries such as UAE, Saudi Arabia, and Kuwait to provide funding worth $7.66 billion, Al-Mal reported.

A government source told Al-Mal early June that in the past months, there have been a number of meetings with officials from Kuwait and Saudi Arabia. Both countries had agreed to fund specific projects similar to the agreements signed with the United Arab Emirates in 2013 to provide $2.9 billion for developmental projects.

Since the ousting of former President Mohamed Morsi, aid from a number of Gulf countries amounted to $12 billion but President Abdel Fatah al-Sisi said in earlier statements in May that the Gulf aids to Egypt amounts to $20 billion.

Last December, Al Ahly for Real Estate Development signed a cooperation deal with the Saudi El-Maaly Group, and Premier Company, to launch new investments in Egypt worth $ 500 million in 2014.

On June 26, the Saudi-Egyptian Construction Company (SECON) will increase its capital by $243 million to fund the building of housing units for low and mid-income people, according to

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