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Red Sea Project: New Income Sources for Saudi Arabia - ASHARQ AL-AWSAT English
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Saudi Arabia

Red Sea Project: New Income Sources for Saudi Arabia

Project

Riyadh – Observers have affirmed that the Red Sea Project which was launched on Monday by Vice Custodian of the Two Holy Mosques Prince Mohammed bin Salman will contribute in reinforcing the tourism and recreation sectors in the Kingdom, generating hard currency, attracting foreign investment and diversifying the economy and income sources.

Abdul Rahim Naqi, secretary general of the Federation of Chambers of the Gulf Cooperation Council, stated to Asharq Al-Awsat that the international Red Sea Project represents a significant step in the right direction and is expected to attract domestic, Arab, Gulf and international investments.

“Such a project would cement partnerships between the public and private sectors and would boost the tourism sector,” he added.

Nasser Al-Tayyar, deputy chairman and president of Al Tayyar Travel Group, told Asharq Al-Awsat that the endeavor “represents one of the most significant projects that the Kingdom needs right now. This is the second project of its kind and would have a huge impact on the Saudi economy.”

He added that the tourist project would reduce exporting hard currency and increase it instead. Tayyar also expected the project to create job opportunities and reinforce the craft industry sector and other economic activities.

Prince Mohammed announced on Monday the launch of the Red Sea international tourism project, which will be built in one of the world’s most beautiful and diverse natural spots.

It aims to develop exceptional resorts on more than 50 natural islands between the cities of Amlaj and Al-Jawh. It will break ground in the third quarter of 2019 and complete its first phase in the fourth quarter of 2022.

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