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Ajlan Group’s USD 1.5B dive into Egypt’s Ras Jameela

Saudi investment giant to develop 10 hotels in Sharm El Sheikh as part of a major tourism push

What: Ajlan & Bros Holding Group is set to invest USD 1.5 billion in Ras Jameela, a prime Red Sea location in Egypt. The Saudi conglomerate plans to kick off the venture by building ten hotels, adding up to 3,000 rooms in the popular tourist destination of Sharm El Sheikh.

So What: This move marks a significant expansion into the Egyptian tourism sector for Ajlan, traditionally known for its textiles and diversified investment portfolio. The initial investment focuses solely on hotel development, not including land costs, with more extensive project plans under negotiation.

Now What: The proposal has been officially submitted to Egypt’s Cabinet, indicating Ajlan’s readiness to proceed once agreements are finalized. This project underscores the growing trend of Gulf investments in Egypt’s tourism infrastructure, enhancing both nations’ economic ties.

Some Context: Ajlan & Bros was founded in 1979 and has evolved from a textiles company into a major investor with assets exceeding USD 10 billion and land holdings spanning 250 million square meters globally. The firm’s venture into Egypt aligns with its strategy to diversify investments and capitalize on emerging market opportunities.