Saudi Group opens Sharm Al-Shaikh hotel

Published May 6th, 2001 - 02:00 GMT

The Saudi Bakshan Group has recently inaugurated a new hotel in Sharm Al-Shaikh in cooperation with Egyptian investors. According to Al-Sharq Al-Awsat newspaper, the cost of the new Meridian Hotel totaled 250 million Egyptian pounds.  


The new hotel, which spreads over an area estimated at 230,000 square meters, contains 430 rooms and 17 luxury suits. In addition, the Saudi Bakshan Group owns the local Al-Jazeera Hotel and an international carbonated beverages bottling factory in Egypt. 


Approximately 20 new hotels will be opened in Egypt this summer, four of which involve Saudi investments. Official sources estimate the value of Saudi investments in Egypt at EP 4.2 billion. The number of joint Saudi-Egyptian investment projects in Egypt amounts to 510. 


The Egyptian Tourism Minister, Memdouh Beltajeh, recently inaugurated seven new tourism projects in Sharm Al-Shaikh and Nabak. In addition to increasing the overall hosting capacity in Egypt by 2,600 rooms, these new hotels and resorts provide 10,000 new jobs for Egyptians.  


The tourism minister asserted that southern Sinai in general and Sharm Al-Shaikh in particular, are top priority regions within the ministry’s development plan. — (Albawaba-MEBG)

© 2001 Mena Report (

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