Saudi Arabia’s tourism investments in Egypt are on the rise

Saudi Arabia’s tourism investments in Egypt are on the rise, with Tourism Minister Yehia Rashid reportedly stating that they are on track to rise 30% by 2020, writes Nada Al Rifai for Thomson Reuters’ Zawya. There are currently 17 Saudi-funded projects worth USD 270 mn underway — six projects in the Red Sea, two at the Gulf of Aqaba, five in Ras Sedr , three in Ain Sokhna, and one at the North Coast, Rashid said. He estimates that there are over 50 hotels and restaurants and malls are jointly owned by Saudi and Egyptian businessmen.