Qatari Diar, a real-estate company, will invest $500m to build an hotel, villas and chalets in Sharm El Sheikh, Egypt, after getting Egyptian approval, Al Borsa reported, citing an unidentified company official.
The Egyptian cabinet approved the project last night, according to a statement on the prime minister’s Facebook page. The project is going ahead after it was decided in August to allow foreigners to invest directly in Sinai.
Qatari Diar has three pieces of land in Sharm El Sheikh, the newspaper cited the official as saying. So far, the project includes a palace and two villas for Sheikh Hamad Bin Jassim, Qatar’s prime minister, and the hotel may have 160 to 170 rooms, Al Borsa added.
Phase one of the project will be ready for contractors by the first quarter of next year, Al Borsa reported.