Construction

Saudi investor ‘in talks over $4bn Egypt project’

Proposed tourism resort in Red Sea region of Sharm El Sheikh

PHOTO: Egypt’s tourism industry has taken a hit after political instability in the country. Credit: Shutterstock

An unnamed Saudi investor is reportedly in talks over a $4 billion tourism project in Sharm El Sheikh, Egypt.

The Egyptian tourism minister Hisham Zaazou told the Saudi newspaper Okaz that the proposed project would be the largest resort in the Red Sea tourist destination, Reuters reported.

Zaazou did not name the prospective investor, or elaborate on what stage the talks were at.

The country’s tourism industry has taken a hit after political instability in the country, as well as the October air disaster involving a Russian airliner flying out of Sharm El Sheikh, which killed all 224 people on board. Russia, the US and UK believe a bomb brought down the jet.

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