Saudi businessman in talks with Egypt on $4 billion tourism project

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Special to WorldTribune.com

A Saudi businessman is prepared to invest $4 billion on a resort that would be a major shot in the arm for Egypt’s struggling tourism industry.

An aerial view of part of the coast the Red Sea with hotels and resorts of Sharm el-Sheikh, is pictured and seen through the window of an airplane, Egypt. /Reuters
Aerial view of hotels and resorts in Sharm el-Sheikh, Egypt. /Reuters

The unnamed businessman is in talks with Egyptian authorities on building a resort in Egypt’s Red Sea region of Sharm el-Sheikh, Egyptian Tourism Minister Hisham Zaazou told Saudi newspaper Okaz.

Zaazou, who said the project would be the largest resort in the Red Sea town, did not elaborate on what stage the talks were at.

The tourism industry, a key cog in Egypt’s economy, has suffered greatly since the Oct. 31 crash of a Russian airliner that killed all 224 people on board.

Zaazou said Cairo is looking to make up for the loss of international tourists by increasing the desirability of Egypt as a destination for wealthy Gulf Arab visitors.

Saudi Arabian Airlines (Saudia) plans to increase the frequency of its flights from the kingdom to Sharm el-Sheikh, while Kuwait Airways began direct flights to Sharm el-Sheikh on Dec. 1.

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