Egyptian billionaire Hisham Talaat Moustafa is making a major push into the Middle East’s fast-growing entertainment industry through a new partnership with Saudi Arabia’s Sela, as Gulf money increasingly reshapes tourism, culture and consumer spending across the region.
The agreement brings together one of Egypt’s largest real estate empires and one of Saudi Arabia’s most influential entertainment firms to build a large-scale live events and entertainment platform across Egypt, covering concerts, festivals, sports events, theatre productions and tourism-driven experiences.
The partnership was announced on May 21 in the presence of Turki Alalshikh, one of the key figures behind Saudi Arabia’s aggressive global entertainment expansion under Vision 2030.
For Egypt, the deal comes at a critical economic moment.
The country has been pushing to attract more tourism revenue and foreign investment as it battles inflation, high debt costs and pressure on its currency.
