A Saudi businessman is in talks with Egyptian authorities over a $4bn tourism resort in Egypt's Red Sea region of Sharm el Sheikh, Egyptian tourism minister Hisham Zaazou told Saudi newspaper Okaz.
Zaazou declined to name the prospective investor, the newspaper reported on Sunday, but said the project would be the largest resort in the Red Sea town, a popular beach and diving holiday destination. The minister did not elaborate on what stage these talks were at.
Egypt's vital tourism industry has suffered from the political instability that followed the uprising against Hosni Mubarak in 2011. It took a further hit after a Russian airliner flying out of Sharm el Sheikh crashed on October 31, killing all 224 people on board.
Russia's FSB security service has said it is certain a bomb brought down the Airbus jet, a conclusion shared by the UK and US. Since the crash, some airlines have suspended flights to Sharm el Sheikh for security reasons.
Saudi Arabia, along with Kuwait and the UAE, has invested billions of dollars to support Egypt's economy and maintain stability since 2011.
Zaazou said around 450,000 Saudi tourists visited Egypt until November 30 of this year, according to statistics he cited, compared to 400,000 last year.
