⭕️ No decision yet on Saudi investment in Egypt’s Red Sea coast
⭕️ No decision yet on Saudi investment in Egypt’s Red Sea coast
Saudi Arabia already has sufficient hotel capacity to host the 2034 World Cup but is concentrating on expanding domestic hotel offerings and has not yet decided on investing in Egypt’s Red Sea coast, the kingdom’s tourism minister said today.
Cairo has been planning a potential development of Ras Gamila, a mostly undeveloped coastal area near the Sharm el-Sheikh resort, following a large-scale investment by the United Arab Emirates along Egypt’s Mediterranean coast.
When asked about possible Saudi investment, Tourism Minister Ahmad al-Khateeb told the Fortune Global Forum in Riyadh that the kingdom is prioritizing new domestic projects, including the massive Red Sea Global development, which plans to open 17 new hotels by next May.
Khateeb noted that FIFA, soccer’s governing body, has confirmed that Saudi Arabia currently has enough hotel rooms to accommodate visitors expected for the 2034 World Cup.
(Reuters)
