Saudi billionaire Prince Alwaleed bin Talal is looking to help boost Egyptian tourism by investing $800 million in several Egyptian hospitality projects. 

This has been described as "one of the largest planned injections of foreign cash" since Egypt underwent a major economic reform program, according to Bloomberg.  

Bin Talal is teaming up with Egyptian developer, Talaat Moustafa Group, for the project. It aims to expand the Four Seasons resort in Sharm el-Sheikh as well as build two new hotels in El Alamein on the north coast of Egypt and in Madinaty in Cairo. 

"This is a global investor and he compares between places to decide where to invest," said Sahar Nasr, investment minister, according to Bloomberg.

 "He sees that the business environment is now attractive and he is committed to investing in Egypt," Nasr added.

This wouldn't be the first investment bin Talal makes in the country. The billionaire prince owns about 40 hotels and resorts in Egypt, in addition to 18 others that are still under construction, according to Reuters. 

Tourism accounts for about 11 percent of Egypt's economy

In May, Egypt lifted visa requirements for citizens of Morocco, Algeria, Libya, and Tunisia who reside in one of the Gulf Cooperation Council countries, a decision that came as part of Egypt's efforts in reviving its tourism industry.

In March, Yehia Rashed, the country's Tourism Minister, said that the number of tourists visiting the country may actually reach pre-2011 levels. 

"I think if we are fortunate enough, this year we will come very close. We are hoping to close the gap as we go on," Rashed told Reuters at the time.

According to Rashed, the number of tourists arriving in the country during the first two months of 2017 was "very, very good." 

He also said that on average, tourists were staying longer and spending more money than in previous years.

Still, with a series of attacks claimed by the so-called Islamic State in recent months, Egypt is still struggling to attract tourists into the country. 

Egypt's tourism sector, which has long played a central role in the country's economy, has struggled significantly since 2011 when a popular uprising overthrew President Hosni Mubarak. 

Experts have since expressed optimism that things are changing.

Despite all the challenges, Egypt was listed among the 20 most powerful economies in 2030

Source: Stepfeed

In February, Business Insider listed Egypt among the 32 countries expected to have the most powerful economies in the world by 2030. Saudi Arabia was the other Arab country to make it to the Top 20. 

Saudi Arabia came in No. 13 on the ranking, while Egypt came in at No.19. 

Both are expected to remain in the top 20 in 2050.

Egypt's economy hasn't been all positive news. 

The country has faced a severe shortage of dollar liquidity, pushing the country’s central bank to float the Egyptian pound's value last November. 

Subsequently, Egyptians have been struggling with rising prices and worsening living conditions.