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.

China's economic growth is likely to slow to 4.5% in 2025 and cool further to 4.2% in 2026, a Reuters poll showed, with policymakers poised to roll out fresh stimulus measures to soften the blow from impending US tariff hikes.

Gross domestic product (GDP) likely grew 4.9% in 2024 - largely meeting the government's annual growth target of around 5%, helped by stimulus measures and strong exports, according to the median forecasts of 64 economists polled by Reuters.

But the world's second-largest economy faces heightened trade tensions with the United States as President-elect Donald Trump, who has proposed hefty tariffs on Chinese goods, is set to return to the White House next week.

“Potential US tariff hikes are the biggest headwind for China's growth this year, and could affect exports, corporate capex and household consumption,” analysts at UBS said in a note.

“We (also) foresee property activity continuing to fall in 2025, though with a smaller drag on growth.”

Growth likely improved to 5.0% in the fourth quarter from a year earlier, quickening from the third-quarter's 4.6% pace as a flurry of support measures began to kick in, the poll showed.

On a quarterly basis, the economy is forecast to grow 1.6% in the fourth quarter, compared with 0.9% in July-September, the poll showed.

The government is due to release fourth-quarter and full-year GDP data, along with December activity data, on Friday.

China's economy has struggled for traction since a post-pandemic rebound quickly fizzled out, with a protracted property crisis, weak demand and high local government debt levels weighing heavily on activity, souring both business and consumer confidence.

Policymakers have unveiled a blitz of stimulus measures since September, including cuts in interest rates and banks' reserve requirements ratios (RRR) and a 10 trillion yuan ($1.36 trillion) municipal debt package.

They have also expanded a trade-in scheme for consumer goods such as appliances and autos, helping to revive retail sales.

Analysts expect more stimulus to be rolled out this year, but say the scope and size of China's moves may depend on how quickly and aggressively Trump implements tariffs or other punitive measures.

More stimulus on the cards

At an agenda-setting meeting in December, Chinese leaders pledged to increase the budget deficit, issue more debt and loosen monetary policy to support economic growth in 2025.

Leaders have agreed to maintain an annual growth target of around 5% for this year, backed by a record high budget deficit ratio of 4% and 3 trillion yuan in special treasury bonds, Reuters has reported, citing sources.

The government is expected to unveil growth targets and stimulus plans during the annual parliament meeting in March.

Faced with mounting economic risks and deflationary pressures, top leaders in December ditched their 14-year-old “prudent” monetary policy stance for a “moderately loose” posture.

China's central bank is expected to deploy its most aggressive monetary tactics in a decade this year as it tries to revive the economy, but in doing so it risks quickly exhausting its firepower. It has already had to repeatedly shore up its defense of the yuan currency as downward pressure pushes it to 16-month lows.

Analysts polled by Reuters expected the central bank to cut the seven-day reverse repo rate, its key policy rate, by 10 basis points in the first quarter, leading to a same cut in the one-year loan prime rate (LPR) - the benchmark lending rate.

The PBOC may also cut the weighted average reserve requirement ratio (RRR) for banks by at least 25 basis points in the first quarter, the poll showed, after two cuts in 2024.

Consumer inflation will likely pick up to 0.8% in 2025 from 0.2% in 2024, and rise further to 1.4% in 2026, the poll showed.

Red Sea Development Company Announces Global Advisory Board