Minister of Investment Ashraf Salman on Friday opened a project to establish an international hotel in the Red Sea resort of Sharm el Sheikh.

The hotel is estimated to cost some 2.4 billion pounds.

It will be established over 250,000 square meters and will include 800 rooms, recreational and service areas and 100,000 square meters for a planned water games city.

In statements during the opening event, Salman said that the move is meant to lure more tourists to visit the resort city.