{"id":618889,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/ajlan-bros-could-invest-usd-1-5-bn-in-tourism-project-in-ras-gamila\/"},"modified":"2024-04-22T00:00:00","modified_gmt":"2024-04-22T00:00:00","slug":"ajlan-bros-could-invest-usd-1-5-bn-in-tourism-project-in-ras-gamila","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/ajlan-bros-could-invest-usd-1-5-bn-in-tourism-project-in-ras-gamila\/","title":{"rendered":"Ajlan & Bros could invest USD 1.5 bn in tourism project in Ras Gamila"},"content":{"rendered":"

Ajlan & Bros eyes an initial investment of USD 1.5 bn in Ras Gamila project:<\/strong> Saudi Arabia\u2019s Ajlan & Bros Holding has filed an offer to the Madbouly government to secure a land plot at Sharm El Sheikh\u2019s Ras Gamila for the establishment of ten hotels with 3k keys in the first phase of a bigger development plan, Asharq Business<\/a> reports, citing an anonymous source it says is familiar with the matter. The first phase will see Ajlan commit USD 1.5 bn for the development of the hotels, excluding the price of the plot.<\/p>\n

What\u2019s next? <\/strong>The holding company is reportedly in negotiations with the Egyptian government for other undisclosed projects and wants to ink all of the contracts at the same time after they wrap up negotiations.<\/p>\n

But the government says it\u2019s not ready to study any offers just yet: <\/strong>The government will not study any offers for the land ahead of the appointment of an international advisor, Public Enterprise Ministry spokesperson Mansour Abdelghany told Ahram Online<\/a>.<\/p>\n

Remember:<\/strong> Rumors that Egyptian and Saudi authorities were in talks over the developmentrights of Ras Gamila circulated<\/a> last month around the same time that the USD 35 bn Ras El Hekma agreement<\/a> was unveiled. The Madbouly government set up<\/a> a ministerial committee in March to select a consultant to manage, evaluate, and market the Ras Gamila development project, a government source told Enterprise at the time. The project was initially expected to have a sale value for the development rights of USD 2-3 bn, the source said.<\/p>\n

Ajlan & Bros is also interested in Egypt\u2019s privatization program: <\/strong>The group has submittedoffers to acquire stakes at multiple companies offered in the state privatization program, the source told Asharq. Negotiations for the companies are set to be completed within six months, they added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Saudi company also eyes stakes in several state-owned companies offered in the privatization program<\/p>\n","protected":false},"author":1,"featured_media":618890,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[104,72,125,8536,219,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-economy","tag-enterpriseam","tag-investment-watch","tag-ras-gamila","tag-saudi-arabia","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"77a58763-228f-4aeb-b95d-9ace7ef378ae","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1407.jpg","photo_position":"above","homepage_title":"Ajlan & Bros eye Ras Gamila investment","full_issue_title":"Ajlan & Bros Holding could invest USD 1.5 bn in tourism project in Egypt\u2019s Ras Gamila","related_issue":[618884],"teaser":"The Saudi company also eyes stakes in several state-owned companies offered in the privatization program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.c77fbbc5-24c3-4d3f-8e74-c1d4d743585e.mp3"},"yoast_head":"\nAjlan & Bros could invest USD 1.5 bn in tourism project in Ras Gamila - 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Ajlan requested land plots for the facility and for a separate industrial and\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587714,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/pharco-ajlan-bros-to-break-ground-on-usd-150-mn-saudi-pharma-complex-next-month-plus-turkish-investment-oih-eyes-uzbekistan\/","url_meta":{"origin":618889,"position":1},"title":"Pharco + Ajlan & Bros to break ground on USD 150 mn Saudi pharma complex next month. 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The agreements cover key sectors including energy, tech, food, and pharma and were signed during a meeting of Egyptian and\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597470,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/28\/chinas-hangzhou-saudis-ajlan-bros-to-set-up-aluminum-factory-in-egypt\/","url_meta":{"origin":618889,"position":3},"title":"China\u2019s Hangzhou, Saudi\u2019s Ajlan & Bros to set up aluminum factory in Egypt","author":"enterpriseam admin","date":"28 July 2019","format":false,"excerpt":"China\u2019s Hangzhou Jinjiang Group and Saudi\u2019s Ajlan & Bros Group are planning to establish an aluminum factory in Egypt, according to a Trade and Industry Ministry statement. Details on the project\u2019s timeline, location, or expected cost were not disclosed. The facility would include aluminum and caustic soda processing plants, as\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":644156,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/22\/no-more-power-cuts-more-investments-and-more-from-madboulys-latest-presser\/","url_meta":{"origin":618889,"position":4},"title":"No more power cuts, more investments, and more from Madbouly\u2019s latest presser","author":"enterpriseam admin","date":"22 September 2024","format":false,"excerpt":"Our natural gas output will return to normal levels before June 2025","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1612.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618937,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/this-evening-egypt-is-in-for-usd-400-mn-in-budget-funding-from-uk\/","url_meta":{"origin":618889,"position":5},"title":"THIS EVENING: Egypt is in for USD 400 mn in budget funding from UK","author":"enterpriseam admin","date":"22 April 2024","format":false,"excerpt":"Good afternoon, folks, and happy Monday. We hope the heat wave isn\u2019t wearing you out as we reach the mid-way mark of this shorter business week.Foreign investors are falling in love with Egypt again\u2026 Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt.\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=618889"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618889\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618890"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618889"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618889"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}