New tourist project in Red Sea with investments hitting $ 2 billion

Prime Minister Dr. Atef Ebeid conferred Wednesday with a visiting group of Italian investors, on the establishment of a big project on developing one of the Red Sea Islands with investments reaching $ two billion within 10 years.

During a meeting attended by Minister of Tourism Mamdouh El- Beltagui, the Italian Ambassador to Egypt Antonio Badini and Red Sea Governor Saad Abu-Rida, the two sides discussed ways to increase Italian investments in the field of tourism in Egypt.

Ebeid asserted the importance of abiding by the rules of environment protection and the funding of the project.

The venture will include a group of cultural, entertainment, sport and therapeutic activities that go in line with environmental norms, Beltagui said following the meeting.