Tourism Project in Sharm El-Sheikh

CAIRO, 8 August 2005 — The Golden Pyramids Plaza, owned by Saudi businessman Abdulrahman Sharbatli, decided to expand in the Egyptian market through a tourism project in Sharm El-Sheikh. A group from the company went to Sharm El-Sheikh to choose the piece of land on which to build. A source from the company said that studies for this project would start soon; because of this project the company decided to increase the capital from $180 million to $400 million.