The Red Sea Development Company CEO John Pagano opened the second day of the Future Investment Initiative in Riyadh, reiterating their plans of making the tourism destination sustainable and relevant to Saudi Arabia’s economy.
“We are passionate about developing the destination in perfect harmony with the environment,” Pagano said.
He said they achieved “a masterplan that goes far beyond protecting the environment.”
Pagano emphasize the megaproject’s contribution to the Saudi tourism industry, saying one million people will be employed in the Kingdom’s tourism sector by 2030, supporting 70,000 new jobs.
The project, which Pagano mentioned is a strategic project in line with the Vision 2030, is set to contribute 22 billion Saudi riyals to the country’s economy.
Following the Red Sea speech, Saudi Arabia’s energy minister told the audience at the summit that a planned initial public offering of the state-run oil giant Saudi Aramco will happen “soon.”
Prince Abdulaziz bin Salman told those gathered in Riyadh that “It will come in the right time with the right approach and definitely with the right decision. And it will be a Saudi decision, first and foremost. Specifically, Prince Mohammed’s decision.”
Watch the opening day sessions of Future Investment Initiative 2019: