Red Sea Development Company Announces Global Advisory Board

The Red Sea Development Company (TRSDC), wholly owned by the Public Investment Fund (PIF) of Saudi Arabia and creator of The Red Sea Project, announced Monday its international Advisory Board of 12 world-leaders in business, tourism, environmental sustainability and conservation.

The Advisory Board will help set The Red Sea Project’s agenda to develop and implement a new international standard in environmental protection and restoration, sustainable development, innovation and luxury tourism. Located along the west coast of Saudi Arabia at the crossroads of the Middle East, Europe, Asia and Africa, the project is envisioned as an ultra-luxury tourism destination for nature, adventure, wellness, and culture. It is part of Vision 2030, Saudi Arabia’s ambitious blueprint for the future.

“Utilizing this group of advisors to guide The Red Sea Development Company is crucial to creating a world-class project of this scale,” said John Pagano, Chief Executive Officer of TRSDC. “The collective expertise of this impressive group will help us to exceed the inspirational goals set for the tourism sector in Vision 2030.”

The members of the Advisory Board will serve multi-functional roles when working with TRSDC’s Board of Directors and Executive Team. They will also advise the Board of Directors of TRSDC, led by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

Collectively the Advisory Board members will call on their broad experiences to suggest best practices across an array of disciplines; connect potential investors and partners to the opportunities offered by the luxury travel industry—one of the fastest growing global economic segments; and serve as ambassadors of the project to raise its profile globally.

Advisory Board members first met in New York City in March 2018 to provide initial feedback on the project’s direction. They met again in Saudi Arabia in July to visit The Red Sea Project’s unique marine and land ecosystems, and to provide further input on development and sustainability strategies.

“TRSDC’s Advisory Board is playing a fundamental role in the development of the project,” Pagano said. “The insights and advice that we gather from the Board are extremely valuable in assessing and tailoring the effectiveness of our current plan. This will enable us create something truly unique for our guests and for the people of Saudi Arabia, as we set new international standards for protecting, preserving, restoring and providing access to a unique experience at this site for generations to come.”

The members of the Advisory Board are:

- Sir Richard Branson, Founder, Virgin Group – Sir Richard is a serial entrepreneur known for his ambitious forays with the Virgin Group, creating eight different billion-dollar companies in eight different sectors. Sir Richard’s experiences building Virgin Hotels, Virgin Holidays, Virgin Limited Edition and Virgin Airways will inform the strategic implementation of many aspects of The Red Sea Project.

- Steve Case, Chairman and CEO, Revolution – As the CEO of Revolution, an investment firm dedicated to building “built to last” businesses, Case has established a legacy for creating some of the strongest businesses in history. He revolutionized the Internet through AOL, and negotiated the largest merger in business history. Case will work with The Red Sea Project’s executive team to bring transformative business management to the project.

- Philippe Cousteau Jr., Co-Founder and President, EarthEcho International – Cousteau Jr. is a multi Emmy-nominated TV host, author, speaker and social entrepreneur. He advises on best practices for social and environmental sustainable development and through his non-profit, EarthEcho International, prepares the next generation to solve the environmental challenges the world faces.

- Carlos Duarte, Professor, Red Sea Research Center – Duarte’s leadership in biological oceanography and marine ecology will serve to inform conservation at utmost scientific level. His Red Sea expertise, and versatility as a world-leading marine ecologist, makes him a core part of the environmental protection initiative behind The Red Sea Project.

- J. Carl Ganter, CEO, Vector Center — Ganter is an expert on water security who focuses on the intersections and impacts of changing water, food and energy resources globally. His experience with Vector Center's data analysis, contextualization and reporting will help guide The Red Sea Project’s leadership on risk identification and mitigation, investment, and environmental and sustainability initiatives.

- Paul Holthus, Founder, President, and CEO, World Ocean Council – At the World Ocean Council, Holthus is responsible for a global multi-industry leadership alliance blending private sector interests and market forces to develop practical solutions for achieving ocean sustainability. Holthus will advise on best practices in business-led marine environmental management and sustainable development.

- Aradhana Khowala, CEO & Founder, Aptamind Partners – Khowala’s accomplishments in travel, tourism and hospitality will lend valuable insight into building and scaling the project. Her appreciation for tourism as a force of good will help bring together luxury hospitality and environmental conservation together with community engagement for The Red Sea Project.

- Sven-Olof Lindblad, CEO, Lindblad Expeditions – Lindblad’s experience in building world-class expeditions, particularly marine-focused trips aboard intimate ships, is an excellent resource for The Red Sea Project. Lindblad’s work with National Geographic and his understanding of cultural nuance in remote regions of the world will help inform the project’s vision, development planning and guest experiences.

- William McDonough, Founder, William McDonough and Partners – McDonough brings a wealth of experience relating to environmental design and sustainable development. McDonough is a leading environmental thought leader of our time, the co-author of Cradle to Cradle: Remaking the Way We Make Things, and a strategic advisor to many of the world’s largest firms. He brings invaluable perspective to all environmental facets of the project.

- Frits Dirk van Paasschen, Senior Advisor, TPG Capital – Investment and business expert, van Paaschen has a strong understanding of consumers’ mindset, industry disruption and sustainability. His experience as the former CEO of Starwood Hotels and in the C-suite of various Fortune 500 companies will provide important counsel to The Red Sea Project.

- Vijay Poonoosamy, Director of International and Public Affairs, QI Group – Poonoosamy is also President of the Hermes Air Transport Organization. He started his career as an Aviation Lawyer in London, was the Managing Director of Air Mauritius, the Executive Chairman of Airports of Mauritius and the Vice President International and Public Affairs of the Etihad Aviation Group. He has served on the Board of Directors of the US Travel Association, the Board of Governors of the International Aviation Club and as Chairman of IATA’s Industry Affairs Committee. Poonoosamy will be vital for planning transportation to the Red Sea.

- Sonu Shivdasani, CEO and Joint Creative Director, Soneva – Often referred to as the founder of Six Senses, Shivdasani is an experienced hotelier who has built and prepared some of the most luxurious and environmentally pioneering hotels in the world. Shivdasani’s work in addressing environmental challenges for imaginative projects will provide valuable counsel to The Red Sea Project to steer it in an environmentally conscious direction.

A broad internal consensus, encompassing both political and economic dimensions, is taking shape to adopt the principles outlined in the presidential inauguration address as the foundation of the new government’s program and ministerial statement. This approach aims to sustain Lebanon’s immediate and strong positive momentum, which is reinforced by widespread support on both Arab and international levels.

Economic bodies and professional unions representing business sectors have openly expressed their relief and full support for the strategic directions set by President Joseph Aoun following his election. However, they have made it clear that maintaining this positive momentum depends on the formation of a reform-oriented rescue government, composed of competent, experienced, and honest ministers. This government must also collaborate constructively with the president.

According to a senior financial official, the rescue mission will be challenging due to years of governmental inaction and constitutional voids, which led to a deterioration in public sector operations and the accumulation of economic, financial, and monetary crises over the past five years. These challenges were further compounded by a devastating war, which inflicted severe human and financial losses estimated at approximately $10 billion, thereby worsening the country’s financial gap, now estimated at $72 billion.

Economic and banking circles are looking to the new government to swiftly capitalize on extensive international support by restoring trust and reestablishing financial channels between Lebanon and its regional and international partners. Key to this effort are explicit and transparent commitments to combating illegal economic activities, corruption, smuggling, money laundering, and drug trafficking. In parallel, the government must prioritize strengthening judicial independence and implementing strict controls over land, sea, and air borders.

The national consensus evident in the presidential election, according to Mohammad Choucair, head of Lebanon’s economic associations, paves the way for constructive collaboration among political factions. This collaboration is crucial for addressing challenges, rebuilding the state, and benefiting from renewed international and Arab—particularly Gulf and Saudi—interest in Lebanon. Choucair emphasized the importance of normalizing relations with Gulf nations, supporting Lebanon’s recovery, and providing resources for reconstruction efforts.

One of the urgent tasks for the new government, according to the financial official, is revisiting the draft 2024 state budget, which was previously submitted to parliament. Adjustments are necessary to address fundamental discrepancies in expenditure and revenue projections, taking into account significant changes brought about by the Israeli war.

Ibrahim Kanaan, chairman of the Parliamentary Finance Committee, described the budget as “unrealistic, if not entirely fictitious,” particularly in its revenue estimates. He pointed out that revenue increases were based on income and capital taxes, internal duties, and trade-related fees, all of which have been severely impacted by the war.

Reassuring depositors, both domestic and expatriate, who have suffered massive losses over recent years, is another pressing issue. These losses were exacerbated by the inability of successive governments to implement a comprehensive rescue plan addressing the $72 billion financial gap fairly. The situation was worsened by mismanagement in the electricity sector and the squandering of over $20 billion in central bank reserves following the onset of the financial crisis.

In response to Aoun’s commitment to a fair resolution for depositors, the Association of Banks in Lebanon welcomed his emphasis on safeguarding deposits. It also expressed its readiness to collaborate with the central bank and the government to protect depositors’ rights, citing a recent State Council ruling that prohibits any financial recovery plans from including measures that would erode depositors’ funds.

In its final session, the caretaker government addressed long-standing creditor issues by unanimously agreeing to suspend Lebanon’s right to invoke statutes of limitations on claims by foreign bondholders under New York law. This suspension, effective until March 9, 2028, aims to facilitate future negotiations.

With this decision, the caretaker government tacitly acknowledged Lebanon’s pending debt obligations, including over $10 billion in suspended interest payments on Eurobonds and approximately $30 billion in principal debt. The resolution now awaits direct negotiations under the new administration, which faces the challenge of resolving a nearly five-year-old crisis triggered by the previous government’s uncoordinated decision to halt payments on all Eurobond obligations through 2037.

Caretaker Finance Minister Youssef Khalil emphasized that despite the difficult circumstances, “Lebanon remains committed to reaching a fair and consensual resolution regarding the restructuring of Eurobond debt.”

Red Sea Development Company Announces Global Advisory Board