El Gouna will get $ 100 million in new investment over the next two years, according to B’nai Samih Sawiris, former chairman of the resort town’s developer, Orascom Development Holding (ODH).
According to, the Sawiris the finances would be allocated to be used to create a new hotel and expand current hotels in the famous affluent Red Sea vacation area.
Orascom Development Egypt (ODE) in February inked an agreement with Egyptian authorities to more than double the size of El Gouna, adding 1.2 mn sqm of connected lagoons and 1k hotel rooms every 10 years.
ODE at the time said it would fund the growth from its own 3.8 billion Egyptian pounds in cash on hand, a $ 30 million shareholder loan from parent company ODH, and future cash flows.
Sawiris is partnering with private investors in the KSA to build a resort similar to El Gouna in the Kingdom, Sawiris said. The Saudi resort will see initial investments of at least $500 mn, he added.