Cairo – Mubasher: Saudi Arabian businessman Ahmed Al Obaikan announced the establishment of an Egyptian-Saudi firm to develop nature reserves with capital worth EGP 1 billion, according to Al-Ahram newspaper.
During the first Arab Economic Eco-Tourism Forum in Cairo, Al Obaikan has not revealed any further details regarding the matter, the newspaper added.
CEO of the Tourism Development Authority Hisham El Demery last said that the number of tourists who visited Egypt rose by 55% year-on-year in the first 11 months of 2017.
The International Monetary Fund (IMF) recently forecast Egypt's tourism revenues to rise by 25.7% in fiscal year 2017/2018.
