TRSP 5th anniversary: Five years of firsts at The Red Sea Project

Special TRSP 5th anniversary: Five years of firsts at The Red Sea Project
Short Url
Updated 31 July 2022

TRSP 5th anniversary: Five years of firsts at The Red Sea Project

TRSP 5th anniversary: Five years of firsts at The Red Sea Project
  • Throughout its short journey, The Red Sea Project achieved significant milestones

RIYADH: Since it was announced to the public five years ago, The Red Sea Project was set to be a pioneer.

It was the first of its kind in the Kingdom. A tourism project designed to provide responsible tourism while developing pristine islands that were untouched for centuries.

It introduced the concept of regenerative tourism where the developers and operators should focus on not only preserving what's there, but adding to it.

Throughout its short journey, TRSP achieved significant milestones.

Not only is it achieving tangible progress and getting closer to bringing its vision to reality, but its positive impact is noticeable, in line with Vision 2030.

To mark TRSP’s fifth anniversary, Arab News has collected a series of its firsts during this period, all of which are helping to set new standards in regenerative tourism and responsible development.

HIGHLIGHTS

• Not only is the project achieving tangible progress and getting closer to bringing its vision to reality, but its positive impact is noticeable, in line with Vision 2030.

• One of its latest achievements is that TRSP announced its first joint venture investment in July with Almutlaq Real Estate Investment Co., valued at over SR1.5 billion ($400 million).

• Together, they will develop Jumeirah The Red Sea, a luxury resort situated on the Red Sea destination’s hub island, Shura, currently under construction.

One of its latest achievements is that TRSP announced its first joint venture investment in July with Almutlaq Real Estate Investment Co, valued at over SR1.5 billion ($400 million).

Together, they will develop Jumeirah The Red Sea, a luxury resort situated on the Red Sea destination’s hub island, Shura, currently under construction and expected to open in early 2024.

This achievement follows another national first: early this year, it reached a financial close on a SR14.12 billion term loan facility and revolving credit facility with four leading Saudi banks Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank. It represents the first-ever riyal-denominated green finance credit facility.

Sound finances come from good governance. Last year The Red Sea Development Co., the developer behind the project, released a guide to best practices in governance for other organizations in Saudi Arabia to implement and benefit from, offering evidence of always putting the good of the Kingdom’s business community first.

Another world’s first achievement during these five years is becoming the asset owner globally to achieve the prestigious BIM Project Kitemark for its digital project delivery and adoption of Building Information Modelling.

Similar certifications include becoming one of the first developments in the Middle East to achieve accreditation for excellent quality management systems through ISO 9001: 2015 and the first regionally to secure the first stage of LEED platinum certification for the destination’s plans and designs.

Finally, the project took on the Kingdom’s first-ever underwater excavation, exploring an 18th-century shipwreck. The wooden merchantman is the most intact and best-preserved wooden shipwreck in the Red Sea. Geological and paleontological evidence of millions of years of activity across TRSP’s area above the water is also revelatory, offering the promise of educational attractions for future visitors as well as Saudis who are keen to understand their past.

Looking back on five years of firsts, group chief administrative officer at TRSDC, Ahmad Darwish, said: “From day one, we set out to forge our path towards a different type of tourism, one that was good for the planet and the Kingdom. Milestones like this provide a moment to reflect on our achievements and, when considered together, they astound even me. However, our focus is on the future, welcoming our first guests early next year and together, continuing to lead the way as pioneers in regenerative tourism.”


UK’s Liz Truss says defining mission will be reviving the economy

UK’s Liz Truss says defining mission will be reviving the economy
Updated 19 August 2022

UK’s Liz Truss says defining mission will be reviving the economy

UK’s Liz Truss says defining mission will be reviving the economy

LONDON: The frontrunner to be Britain’s next prime minister Liz Truss said her government’s defining mission would be to revive the economy as she set out a series of measures to help parts of northern England.
Britain’s economic performance has lagged behind those of the United States, Italy and France in recovering from the COVID-19 pandemic. The economy is expected to enter a long downturn at the end of the year amid surging inflation and rising interest rates.
“The defining mission of my government will be to get our economy growing again, cutting taxes to put more money into the pockets of hardworking people,” Truss said.
Outgoing Prime Minister Boris Johnson had said reducing regional economic inequality was his main goal. But public spending in the north of England fell behind the national average in the first two years of his government, research by the Institute for Public Policy Research has shown.
Truss said she was committed to the current government’s goal of reducing economic inequalities but would do so in a “Conservative way,” interpreted as meaning a focus on tax cuts and deregulation.
Speaking ahead of election hustings in Manchester in northern England on Friday, Truss pledged to provide more devolution, to ensure poorer areas receive the government funding they need, and to build two new vocational colleges in the north of England that will be “the vocational equivalent of Oxford and Cambridge,” dubbed “Voxbridge.”
Truss has portrayed herself as a radical insurgent who would overturn the current failed orthodoxy and has proposed to reverse more than £30 billion ($36 billion) of tax rises.


UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund
Updated 18 August 2022

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

RIYADH: G42, a UAE-based technology company, launched a $10 billion G42 Expansion Fund in partnership with the Abu Dhabi Growth Fund to invest in late-stage companies.

Managed by a G42 subsidiary, the fund will focus on growth companies in computing, communication technology, intelligent mobility, clean tech, digital infrastructure, fintech, healthcare, and life sciences, Wamda reported.

“With the G42 Expansion Fund, we aim to accelerate our global impact not only through the deployment of capital, but also by providing unique access to our networks, management, and operational assets to our portfolio companies,” Peng Xiao, group CEO at G42 and chairman of the G42 Expansion Fund’s Investment Committee, said in a statement.

 


Saudi-based fintech partners with SNB to support SMEs 


Saudi-based fintech partners with SNB to support SMEs 

Updated 18 August 2022

Saudi-based fintech partners with SNB to support SMEs 


Saudi-based fintech partners with SNB to support SMEs 


RIYADH: CASHIN, a Saudi-based fintech and point-of-sale provider, signed a partnership with the Saudi National Bank to support small and medium enterprises.

The partnership will facilitate management of transactions for business activities like receiving payments and sales with immediate bank settlements.

“We are proud to be an active element in the national transformation journey within the financial sector by providing innovative products in the field of fintech and information systems,” CASHIN CEO Omar Al-Ramah said in a statement.

Founded in 2021, CASHIN is providing its services to over 10,000 businesses in more than 30 sectors with transactions at around $800 million, MAGNiTT reported.


Global tech event LEAP22 receives 5 Gold Awards for its inaugural edition


Global tech event LEAP22 receives 5 Gold Awards for its inaugural edition

Updated 18 August 2022

Global tech event LEAP22 receives 5 Gold Awards for its inaugural edition


Global tech event LEAP22 receives 5 Gold Awards for its inaugural edition


RIYADH: The inaugural LEAP22 International Technology Conference won five Gold Awards at the 19th Annual International Business Awards, according to a statement. 

Competing with over 3,700 nominations from organizations across 67 countries, LEAP clinched the best award for Tech Event, B2B Event, Launch Event, Conference Event, and Exhibition Experience.

In its first edition held in early February 2022 for three days, under the theme “An Eye on the Future,” over 509 speakers speakers participated in the event with over 100,000 conference’s visits.

It also announced investments worth $6.4 billion, in the presence of more than 700 international companies, over 1,500 startups, and 330 investment funds.

The Annual International Business Awards, also known as Stevie Awards, were created in 2002 to honor and generate public recognition of the achievements and positive contributions of organizations and working professionals.

LEAP Conference was organized by Saudi Arabia’s Ministry of Communications and Information Technology, in cooperation with the Saudi Federation of Cybersecurity, Programming, and Drones. 


Oil up 4% on US crude stocks data, tight supply outlook

Oil up 4% on US crude stocks data, tight supply outlook
Updated 18 August 2022

Oil up 4% on US crude stocks data, tight supply outlook

Oil up 4% on US crude stocks data, tight supply outlook

NEW YORK: Oil prices gained about 4 percent on Thursday as robust US fuel consumption data and an expected drop in Russian supply later in the year offset concerns that slowing economic growth could undercut demand.

Brent futures rose $3.41, or 3.6 percent, to $97.06 a barrel by 2:16 p.m. EDT (1816 GMT), while US West Texas Intermediate crude rose $3, or 3.4 percent, to $91.11.

Prices rose more than 1 percent during the previous session, although Brent at one point fell to its lowest since February, as signs of a slowdown mounted in some places.

The oil complex is “advancing off the big (US) crude stock draw, increased product demand and (the) apparent stall in Iranian nuclear negotiations,” analysts at energy consulting firm Ritterbusch and Associates said in a note.

US. crude stocks fell by 7.1 million barrels in the week to Aug. 12, Energy Information Administration data showed, against expectations for a 275,000-barrel drop, as exports hit a record 5 million barrels per day.

Bans by the EU on Russian exports could dramatically tighten supply when curbs to seaborne crude and products imports into the bloc ramp up in coming months and drive up prices, analysts warn.

“The EU embargoes will force Russia to shut in around 1.6 million (bpd) of output by year-end, rising to 2 million bpd in 2023,” consultancy BCA research said in a note. “EU embargoes on Russian oil imports will significantly tighten markets and lift Brent to $119 a barrel by year-end.”

Russia, however, forecasts rising output and exports until the end of 2025, an economy ministry document seen by Reuters showed, saying revenue from energy exports will rise 38 percent this year, partly due to higher oil export volumes.

More cautious

Preventing oil prices from rising too high was the possibility of increased supplies from Iran and worries that demand could drop if China imposes more lockdowns to stop the spread of COVID-19, along with slowing economic growth as central banks raise interest rates to control runaway inflation.

The market is awaiting developments from talks to revive Iran’s 2015 nuclear deal with world powers, which could lead to a roughly 1 million bpd boost in Iranian oil exports.

“We may be seeing traders taking a more cautious approach considering how close a decision on the Iran nuclear deal appears to be,” said Craig Erlam, senior market analyst at OANDA. “There remains plenty of doubt that it will get over the line but if it does, that could be the catalyst for another move lower.”