(MENAFN) Egypt's investments from Saudi Arabia are rising significantly as currently there are 17 projects worth USD270mln are ongoing.
Yehya Rashid, Egypt's Minister of Tourism said: 'Saudis own 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.'
And he confirmed expectations that investments in Egypt's tourist sector to rise by 30 percent by 2020, and added that Egypt is the top destination for Saudi investors and tourists from the GCC countries.
However, Rashid said: 'All the Saudi investment projects in Egypt are underway with some under construction in partnership with Egyptian investors.'
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