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New holiday resort to open in Egypt

18 Feb 2008

A new holiday resort is set to open in Egypt thanks to investment by billionaire businessman Ibrahim Kamel.

Mr Kamel's Kato Group plans to build a $500m (£256m) seaside resort near the World War II battlefield of Al-Alamein, Bloomberg reports.

The complex will feature 4,000 hotel rooms, a golf course, a shopping mall and an entertainment centre.

Located a few kilometres from Al-Alamein airport, which Kato Group built in 2005, the new resort is set to open in the next five years.

If it is successful, the development could turn Egypt's Mediterranean coast into a rival for the country's historically popular Red Sea region.

Ismail Sadek, an analyst at investment bank Beltone Financial, said: 'The Mediterranean is moving toward attracting international tourists. It's been dominated by domestic tourism.'

Commenting on the travel industry across Egypt, Mr Kamel told Bloomberg: 'There is so much to be done. We will soon have the capacity to attract up to 50m tourists a year.'

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