Saudi Red Sea Development Company announces the formation of advisory board

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The Red Sea Development Company has announced the formation of its advisory board. (SPA)
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The Red Sea Development Company has announced the formation of its advisory board. (SPA)
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The Red Sea Development Company has announced the formation of its advisory board. (SPA)
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The Red Sea Development Company has announced the formation of its advisory board. (SPA)
Updated 17 September 2018
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Saudi Red Sea Development Company announces the formation of advisory board

JEDDAH: The Red Sea Development Company, owned by the Public Investment Fund and responsible for executing the Red Sea Project, has announced the formation of its advisory board, which includes 12 international experts in business, tourism, sustainability and environmental conservation.
The advisory board will help to develop the agenda and plan for the Red Sea Project, to develop and implement updated international criteria in environmental protection and the restoration of natural characteristics, sustainable development, innovation and luxury tourism, in the project situated on Saudi Arabia’s Western coast at a crossroad that links the Middle East, Europe, Asia and Africa.
The project targets establishing an ultra-luxury tourist destination for nature, adventure, health and recreation and culture and it is considered one of the key components of Saudi Vision 2030.
John Pagano, CEO of the Red Sea Development Company, said: “Seeking these consultants to guide the company is considered an important factor to execute the project on an international level, and these experts’ experience will help us exceed the ambitious plans of Saudi Vision 2030 for the tourism sector. The advisory board members will occupy multifunctional positions while working with the board of directors of the Red Sea Development Company and its executive team, and they will advise the company’s board of directors headed by Crown Prince, Mohammed bin Salman.
“They will use their broad expertise to suggest the best practices in a number of areas and specializations, present to potential investors and partners opportunities presented by the tourism sector -– one of the fastest-growing sectors in the world. These members will also be the project’s ambassadors to strengthen its position and promote it on an international level.
“The advisory board members met in New York for the first time in March 2018, to discuss their initial visions for the project. Their second meeting took place in Saudi Arabia in July when the team visited the project, its unique land and maritime environmental systems, and presented their views on the strategies of development and sustainability in the project.”
Pagano added: “The advisory board will play a vital role in the development of the project. The board members’ insights and ideas were extremely valuable in the assessment of our current plan’s effectiveness. That will allow us to create a unique tourism destination for our guests and the citizens of Saudi Arabia, as we work on setting new international standards to protect, preserve, restore and provide an exceptional experience for the next generations.”
The Red Sea Development Company was founded on May 10, 2018, as a closed joint stock company owned by Saudi Arabia’s Public Investment Fund, to execute the Red Sea Project which is considered a luxury destination that brings together a beautiful landscape, adventure and culture and promotes a healthy lifestyle. It is situated along Saudi Arabia’s western coast and creates a center linking the Middle East, Europe, Asia and Africa.
The Red Sea Project was launched by the Chairman of the Public Fund, Crown Prince, Mohammed bin Salman, on July 31, 2017, and the company will work on developing unique treasures, along a 200km coastline and more than 50 islands and lakes, coral reefs, marine environments, mountains and inactive volcanoes, and heritage sites with the authentic Saudi hospitality.
The project’s first phase will include hotels and residential units and an airport, along with unique landmarks, all of which provide a perfect environment for partnerships with the biggest international investors. The project’s environmental standards will define the number of hotel rooms and housing units that will be built.
A calculated number of visitors will be permitted to experience the place to protect the environmental system, enrich their experiences and maintain the project’s exclusive tourism destination. The project’s first phase is due for completion by late 2022.


Saudi Arabia, UAE to attend US-led Palestine investment meeting

Updated 23 May 2019
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Saudi Arabia, UAE to attend US-led Palestine investment meeting

  • The Palestine Liberation Organization and Islamist group Hamas have called for an Arab boycott of the meeting
  • Saudi Arabia has assured Arab allies that it will not endorse any US plan that fails to meet key Palestinian demands

JEDDAH: Saudi Arabia and the UAE will participate in a conference next month in Bahrain aimed at encouraging investment in the West Bank and Gaza Strip, as part of US President Donald Trump’s long–awaited Israel–Palestine peace plan. 

The Peace to Prosperity conference, to be hosted on June 25–26 in cooperation with the US, has already been rebuffed by Palestinian officials and business leaders, who want their political demands met by any proposed solution to the conflict.

The Palestine Liberation Organization and Islamist group Hamas have called for an Arab boycott of the meeting.

The Saudi minister of economy and planning, Mohammed bin Majid Al–Tuwaijri, will attend, the Saudi Press Agency reported on Wednesday.

The UAE Ministry of Foreign Affairs and International Cooperation said Abu Dhabi would also send a delegation.

The Palestinian Authority has boycotted American peace efforts since late 2017, when Trump decided to move the US Embassy from Tel Aviv to Jerusalem and recognized the latter as the capital of Israel, reversing decades of US policy.

The Trump administration has sought to enlist support from Arab governments.

But Saudi Arabia has assured Arab allies that it will not endorse any US plan that fails to meet key Palestinian demands, which include affirming East Jerusalem as the capital of a Palestinian state, the right of return for refugees, and a freeze on Israeli settlement construction.