Egyptian Tourism Minister Hisham Zaazou said on Sunday bilateral talks are being held to establish the largest tourist resort in Sharm el Sheikh with a 4 billion dollar Saudi capital.

In statements to Okaz newspaper during his visit here, he refused to identify the name of the businessman who offered to establish this huge tourism project.

Zaazou's current visit to Saudi Arabia aims to launch a new promotional campaign.

The campaign, titled "This is Egypt", targets the Arab markets starting with Saudi Arabia, Kuwait and UAE.

During his two-day visit, the minister heads a delegation of the public and private tourism sectors to attract Gulf tourists to Egypt.

The campaign includes a promotional documentary that will be aired on the three state TV channels and internet channels.

During his visit, the minister would hold a number of important meetings on tourism in Egypt.