Saudi businessman eyes investment in $4b Sharm tourism

JEDDAH — A Saudi businessman is in talks with Egyptian authorities over a $4 billion tourism resort in Egypt's Red Sea region of Sharm El-Sheikh, Egyptian tourism minister Hisham Zaazou told Okaz 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. Saudi Arabia, along with Kuwait and the United Arab Emirates, has invested billions of dollars to support Egypt's economy and maintain stability since 2011. Zaazou has said he plans to make up for the loss of international business by encouraging local tourism, largely from wealthy Gulf Arab visitors. Zaazou said around 450,000 Saudi tourists visited Egypt until Nov. 30. of this year, according to statistics he cited, compared to 400,000 last year. Saudi Arabian Airlines (Saudia) said in November it planned to increase the frequency of its flights from the kingdom to the Egyptian Red Sea resort of Sharm El-Sheikh from Feb. 2016. Kuwait Airways was also due to launch direct flights to Sharm El-Sheikh starting on Dec. 1 to support Egypt's tourism sector, the minister of information was quoted as saying in November. — Reuters