CAIRO: Sela, a Public Investment Fund company focused on experience design and destination development, has signed a strategic joint venture agreement with Egypt’s Talaat Moustafa Group to create and manage live entertainment and cultural events throughout Egypt.
The agreement was signed in the presence of Turki Alalshikh, chairman of the board of directors of the Saudi General Entertainment Authority.
The partnership seeks to develop a regional ecosystem that integrates urban development, hospitality, and entertainment tourism, and establish a coordinated event route between Saudi Arabia and Egypt.
Turki Alalshikh, chairman of the board of directors of the Saudi General Entertainment Authority, with top company executives at the signing ceremony. (Supplied)
Alalshikh said Egypt was a safe and attractive investment destination, distinguished by its development, infrastructure, and ambitious projects.
He emphasized Egypt’s special significance for Saudis and Arabs, noting that its ongoing development and investment momentum sends a strong message globally.
During the signing ceremony, he praised Egypt’s President Abdel Fattah El-Sisi and relevant authorities for their support, noting that their efforts were essential to the smooth and efficient implementation of the agreement.
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Turki Alalshikh, chairman of the board of directors of the Saudi General Entertainment Authority, said Egypt is a safe and attractive investment destination, distinguished by its development, infrastructure, and ambitious projects
Alalshikh also highlighted the longstanding relationship between the two nations, reaffirming Egypt’s special place in Saudi hearts.
He added that King Salman had previously conveyed King Abdulaziz’s advice to support Egypt. And mentioned seeing a photograph of King Salman training to volunteer in Egypt’s defense forces in 1956.
Alalshikh said Crown Prince Mohammed bin Salman was a strong supporter of Egypt and maintains a close relationship with El-Sisi.
He also shared his personal experiences with Hisham Talaat Moustafa, CEO and managing director of Talaat Moustafa Holding Group. He recalled witnessing the early stages of projects in Egypt at the start of the millennium, before they became leading real estate destinations.
Alalshikh described this as a reflection of a long-term investment vision and bold decision-making, noting that his perspective was “biased” because he personally witnessed how projects became successful.
Among the most successful projects implemented in the Kingdom were residential units launched by a foreign investor in partnership with Talaat Moustafa Group, which quickly sold out off-plan.
Alalshikh said that the alliance aims to create an integrated ecosystem for major regional events, connecting Saudi Arabia and Egypt through a single route that attracts international artists and global stars.
Alalshikh said the new project would be a “game changer” for the sector, especially with the expertise of Moustafa, Dr. Rakan Alharthi, managing director of Sela, and their teams in development, operations, and experience creation.
He also announced that next year will bring major developments on Egypt’s north coast and other destinations which will ensure the country is “completely different” in this sector.
Moustafa said Egyptians often feel Alalshikh is “more Egyptian than Egyptians,” reflecting the appreciation for his ongoing support for Egypt and its projects.
He added that Saudi Arabia holds a special place in his heart and that his relationship with the Kingdom spans over 50 years.
Moustafa said he has followed the remarkable development of the Kingdom in recent years under the leadership of the crown prince, describing it as one of the greatest transformations in the world in terms of vision and methodology.
He praised Alalshikh’s leadership in the entertainment sector, which has benefited the global community, including the Egyptian government, through successful models and world-class events.
He added that the agreement was reached after three months of continuous work, with direct support and follow-up from Alalshikh, and Alharthi and his team.
Moustafa noted that Egypt currently receives about 22 million tourists, with plans to increase this to about 38 million by 2030. Upcoming events will cover greater Cairo, the north coast, Sharm El-Sheik, Luxor, and Aswan.
He added that the alliance aims to drive significant change across entertainment, culture, the arts, and sports, supporting the group’s vision of developing communities.
Alharthi said the alliance marks a new milestone in strengthening the company’s international presence. He added that Sela’s vision is to develop destinations, events, content, and live experiences that create lasting impact.
He added that Sela built its presence in Saudi Arabia by managing some of the Kingdom’s largest and most diverse events, before expanding into major international cities including London and Las Vegas.
He noted that entering the Egyptian market through this alliance was a natural step in the regional expansion of a Saudi model now capable of competing in advanced global markets and sharing its expertise across the region.
The joint platform will operate across a wide range of entertainment and cultural sectors, including concerts, festivals, family experiences, theater, comedy productions, and sporting events.
A key project of the alliance is “Corridor,” a cross-border entertainment platform connecting Saudi Arabia and Egypt through a coordinated series of events.
