Egyptian President Hosni Mubarak and Saudi Crown Prince Abdullah bin Abdul Aziz have officially opened the Four Seasons Sharm El Sheikh Resort.

Saudi businessman Prince Alwaleed bin Talal, a major investor in the new resort, accompanied President Mubarak and Crown Prince Abdullah, on a tour of the newest luxury property in the region.

"We are honoured by the presence of President Mubarak and Crown Prince Abdullah in the Four Seasons Sharm El Sheikh Resort. Their presence at a joint Saudi-Egyptian project symbolises the strength of bilateral relations," said Prince Alwaleed.

The Four Seasons in Sharm El Sheikh is one of several projects being developed by the Saudi Alexandria Tourism Projects Company, which is owned by Prince Alwaleed though Kingdom Hotel Investment (KHI). It is also owned by Hisham Talaat Mustafa and other investors.

The $120 million resort is located 20km northeast of the coastal city of Sharm El Sheikh.

The resort enjoys a unique location atop a hill enabling visitors to experience the picturesque Red Sea and surrounding landscape.

The resort has the largest mineral water spa in the Middle East. It also offers visitors a wide variety of aqua sports.

This is the second Four Seasons project in Egypt, after Four Seasons Cairo. Prince Alwaleed owns 24 per cent of Four Seasons.

Elsewhere in the Middle East, several Four Season hotels are being developed. Last year, the Prince placed the cornerstone for the Four Seasons Damascus, located in the heart of the Syrian capital.

In Lebanon, preparations are underway for the ground breaking of a Four Seasons in Beirut. In Amman, final preparations are taking place to open the Four Seasons there.

And in the Saudi capital Riyadh, the Four Seasons Hotel, located in the 1000-foot high Kingdom Center skyscraper, is expected to open later this summer.