Cleopatra Group for Real Estate Projects has announced plans to invest E£2 billion ($261 million) into tourism development projects at Marsa Allam area of Egypt over the next two years, said a report.
The project, which is currently under study, aims to add 1,200 hotel rooms, reported the Daily News Egypt citing the group chairman Mohammed Abou El Enein.
Abou El Enein said his group was also keen to develop renewable energy projects, mainly solar energy.
Following the recent economic summit held in Sharm Al Sheikh, several companies have announced their plans to boost investment in Egypt, while several other businessmen have pledged to restart their stalled projects, said the report.
"All the expansions that we have stopped since the revolution, will be back on track," stated Abou El Enein.
Cleopatra Group also aims to develop a commercial shopping mall at Sheikh Zayed area, said the report.
Another local player Solb Misr Company plans to pump E£1.6 billion ($209 million) into property investments during the coming period, it added.
Daily News Egypt