Saudi-owned Anjum Hotels has deferred investment of about 10 billion Saudi riyals (US$2.67 billion) in Egypt until stability is achieved in the country, said operation manager Ahmed Sabry.
The group has received many offers to buy hotels in Sharm el-Sheikh, but preferred to postpone the move. “The acquisition of hotels in Egypt depends on the political stability, which would attract about $2.67 billion worth of investments from the group,” Sabry explained.
The group’s capital totals $5.33 billion and it owns 57 thousand square meters of land near the Kaaba in Mecca, according to Sabry.
“The company prefers the offers it received in Kuwait and the UAE for now, as it is considering the acquisition of a number of hotels in the two countries.”
Sabry is visiting Cairo to participate in the Arab Tourism Forum, which begins on Tuesday and ends on Thursday.
Edited translation from Anadolu Agency
