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Tuesday 22 Dec 2015 - 10:53 Makkah mean time-11-3-1437
 Riyadh, (IINA) - A Saudi businessman is in talks with Egyptian authorities over a $4 billion tourism resort in Egypt's Red Sea resort of Sharm El-Sheikh, Egyptian tourism minister Hisham Zaazou told Saudi newspaper Okaz on Sunday.
Zaazou declined to name the prospective investor but said that the project would be the largest resort in the Red Sea town, a popular beach and diving holiday destination.
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.
Since the crash, some airlines have suspended flights to Sharm el-Sheikh for security reasons.
Zaazou said that he plans to make up for the loss of international business by encouraging local tourism, largely from Gulf Arab visitors.
Zaazou said around 450,000 Saudi tourists visited Egypt until November 30 this year, according to statistics he cited, compared to 400,000 last year.
Saudi Arabian Airlines (Saudia) said in November that it plans to increase the frequency of its flights from the Kingdom to the Egyptian Red Sea resort of Sharm El-Sheikh starting from February 2016.
AG/IINA
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