Albawaba Business , Wednesday Aug
8, 2018 | Zul Qaadah
Saudi Arabia to Establish $1
Billion Medical City in Egypt
Saudi-based Atraba Integrated Holding has
announced plans to build an integrated medical city project over a sprawling
500,000-sq-km area in Egypt at an initial investment of $1 billion, said a
The project financing and fund company is
looking to partner with local players on the project, reported Daily News Egypt,
citing Saudi investor Fawaz Mohammed Bashraheel, also the chairperson of Atraba
Integrated Holding, Bashraheel said the project will be set up with the help of
a consortium comprising some Egyptian investors.
"We have already begun negotiations with some
Egyptian investors and businesspersons mainly Mohamed Abou El Enein," he
According to him, the company has decided to initially focus on the Gulf region,
especially in Saudi Arabia, Egypt, Bahrain, UAE, Kuwait, Yemen, Sudan, Oman, and
Jordan mainly in setting up industries and driving short-term sales growth.
"Expansion into the region will commence within
the first year of full operation," he added.