WORLD LARGEST FOUR SEASON RESORT TO BE BUILT IN EGYPT
Thursday, August 17, 2017
- As new investment law is ratified in Egypt to ease foreign investment opportunities, Prince Alwaleed bin Talal infuses USD 800 million into Resort expansion in Sharm El Sheikh.
- According to latest BNC report released by The Big 5 Construct Egypt, there are approximately USD 5.3 billion worth of hospitality projects in Egypt today.
800 new rooms will soon be added to the Four Seasons Resort of Sharm El Sheikh, making it the world’s largest Four Seasons, with a total of 1,400 keys. Saudi billionaire Prince Alwaleed bin Talal announced a USD 800 million investment to expand the resort in the popular Egyptian tourist destination on the Red Sea, few weeks after the Egyptian Parliament ratified the country’s new investment law.
Easing investment opportunities, cutting down bureaucracy and providing incentives to investors, the new law is expected to further boost the tourism and construction sectors in Egypt. According to the latest BNC report released by The Big 5 Construct Egypt (“Egypt Tourism and Hospitality Market Snapshot 2017”), there are over USD 335 billion worth of active construction projects in the country, 5% of which belong to the hospitality sector.
“Thanks to a recovered political stability, state led initiatives and the new investment law, we expect the tourism sector, which is vital to Egypt’s economy, to pick up in 2017, further inflating the demand for new hotels and resorts,” comments Andy Pert, Exhibitions Portfolio Director, of The Big 5 Construct Egypt, a leading international construction event launching in Cairo in 2018.
There are approximately USD 5.3 billion worth of hospitality projects in Egypt today, 70% of which are in the initial stages of construction showing a healthy pipeline, as per The Big 5 Construct Egypt’s report. Beyond the Four Season resort, other notable projects currently underway to attract tourists include the Ritz-Carlton Resort in Sharm El Sheikh, and the Jumeirah Gamsha Bay Resort in Hurgada.
New developments in the hospitality industry are spread across the country, with Cairo’s rapid urban expansion fueling the demand for additional hotels and resorts in the capital city, which already hosts over 20 million people. “Cairo holds the record of construction activities in Egypt. Here, the demand for products and materials for the built environment industry is booming, and we expect the construction sector to grow further in the coming years,” confirms Mr. Pert.
To meet this growing demand, a leading international exhibition company, dmg events Middle East, Asia & Africa, is bringing to Cairo its most successful and renowned construction event, The Big 5. From 15 to 17 September 2018, the New Cairo Exhibition Centre will host The Big 5 Construct Egypt, where hundreds of local and international manufacturers and suppliers of construction products will showcase the latest global, sustainable innovations and solutions for use in all current and planned developments.
Alongside the exhibition, a Global Meetings program will enable business matchmaking, while The Big 5’s Continuing Professional Development (CPD) certified workshops will offer a unique education programme dedicated to active industry professionals. According to the organisers, a high-level, paid for ‘Big 5 Investor Summit’ will also attract global and regional institutional and private investors in Egypt’s built environment sector, to discuss current and future construction related project opportunities across the country.
To know more about The Big 5 Construct Egypt, visit www.thebig5constructegypt.com
Download the full “Egypt Tourism and Hospitality Market Snapshot 2017” at www.thebig5constructegypt.com/industry-report/