Uzbekistan: Egyptian Business to Invest $660 Million in Resort near Tashkent

Two Egyptian entrepreneurs specializing in tourism have signed a memorandum of understanding with the Uzbek government to invest over $660 million in a resort in the Bostanlyk area near Uzbekistan's capital, Tashkent.

Bostanlyk is already a popular recreation destination for Tashkent residents. Together with Chimgan and Byldersay, it forms a large recreation area around the Uzbek capital. However, few foreigners frequent these destinations.

The Egyptian investment will go toward the construction of boutique hotels, infrastructure development, personnel training, and advertising, the Russian news agency Regnum reported. The refurbished resort could create upwards of 1,500 jobs, and will aim to attract mostly a foreign clientele.

In the past several years, Uzbekistan has invested significant efforts in attracting investments from the Middle East.