Virgin airlines founder Richard Branson will invest in a Red Sea project that aims to turn 50 Saudi Arabian islands into luxury tourism destinations, the Saudi government announced on Sunday.
Branson is the first international investor to commit to the project, Saudi Arabia’s information ministry said, in what officials called “a clear sign that Saudi Arabia is opening its doors to international tourism.”
Branson also visited the tombs at Madain Saleh — an UNESCO World Heritage site located near a string of new hotels — in a trip to the Gulf kingdom that appears to be aimed at attracting further international attention, both investment and tourism.
“This is an incredibly exciting time in the country’s history and I’ve always felt that there’s nothing like getting a firsthand impression,” Branson said in a statement released by the information ministry.
The scheme aims to pull the region’s biggest economy out of its dependence on oil and diversify the country’s economic revenue model.
On August 1, Saudi Arabia announced plans to turn 34,000 square kilometers (13,127 square miles) of its Red Sea coastline into luxury resorts.
The project is aimed at attracting international tourists to a country where alcohol is prohibited and the mobility and dress of women restricted.
The Saudi Public Investment Fund, which is headed by Prince Mohammed, will provide the initial investment into the Red Sea project, with construction slated to start in 2019.
The Red Sea project is expected to generate 35,000 jobs, according to the Saudi government.
Source: Arab News
GMT 17:47 2018 Monday ,15 January
‘Negative’ outlook for Gulf sovereign ratings in 2018, says Moody’sGMT 19:27 2018 Sunday ,07 January
UAE pledges to distribute 70% of VAT proceeds to help fund community projectsGMT 19:21 2018 Sunday ,07 January
Surge in foreign fund inflows sets stage for Egyptian boomGMT 19:15 2018 Sunday ,07 January
Iraq to export Kirkuk oil to Iran before January-endGMT 11:35 2018 Wednesday ,03 January
Saudi Food and Drug Authority: No VAT on human medicines, vitamins, and registered medical equipmentGMT 10:00 2018 Wednesday ,03 January
Saudi Customs launches Approved Economic Operator programGMT 07:30 2018 Wednesday ,03 January
Morocco’s 2017 Economic Growth: GDP on the Rise, Investment in DeclineGMT 18:33 2018 Monday ,01 January
No New Year cheer for UAE property marketMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor