Egypt receives $750 million Saudi investment for tourism scheme
Egypt’s City Stars tourism project will receive $750 million in Saudi investments. The money will finance the construction of three major hotels and residential units for purchase or leasing, reported Asharq Al-Awsat.
The first phase of the project has a target date of completion set for the middle of next year, while work on the second and the final phases will be completed by the summer of 2004. Construction is being carried out by the Consulted Contractor International Company and Orascom Egypt.
Saudi Arabia is Egypt's top commercial partner in the Arab world and the largest Arab investor in Egypt. In 1990 the two countries signed an agreement regulating commercial relations and enhancing economic and investment cooperation. An annex trade protocol was signed later listing 134 commodities, which the two sides agreed to exempt from duties. — (menareport.com)
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