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Coral Bloom, an International Tourism Destination on the Red Sea

The Coral Bloom project will revitalize the Red Sea region due to its designs inspired by beautiful landscapes and wildlife. (SPA)
The Coral Bloom project will revitalize the Red Sea region due to its designs inspired by beautiful landscapes and wildlife. (SPA)
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Coral Bloom, an International Tourism Destination on the Red Sea

The Coral Bloom project will revitalize the Red Sea region due to its designs inspired by beautiful landscapes and wildlife. (SPA)
The Coral Bloom project will revitalize the Red Sea region due to its designs inspired by beautiful landscapes and wildlife. (SPA)

With the announcement by Saudi Crown Prince Mohammed bin Salman of a giant tourism project in the west of the Kingdom, experts told Asharq Al-Awsat that the Coral Bloom project would be able to revitalize the Red Sea region due to its designs inspired by beautiful landscapes and wildlife.

The Kingdom is heading towards an unprecedented tourism boom, according to the experts, following the recent announcement of a number of major projects. The Coral Bloom comes to activate the first investment in tourism on offshore islands in the country, they underlined.

The hotels and resorts will be operated by the most prestigious international hotel brands, while lightweight building materials with low thermal mass will be used, thus achieving higher energy efficiency and less impact on the environment.

The project responds to the concerns of visitors in wake of the Covid-19 pandemic, by providing wider spaces between hotels, villas and internal corridors.

The Red Sea Project will be developed as a luxury tourist destination that stretches over an area of 28,000 km, and includes more than 90 islands spread over an attractive coastline, characterized by soft white sands, dormant volcanoes, desert, mountains and stunning nature, in addition to distinctive cultural attractions.

The CEO of the Red Sea Development Company, John Pagano, said in recent statements that the estimated cost of the project ranged between 12 and 14 billion riyals (USD 3.7 billion).

The Coral Bloom will include 11 resorts and hotels operated by a number of the most famous global hospitality brands. All the hotels and villas will be composed of a one-story building, which will merge sand dunes, in order to ensure the preservation of the surrounding landscape without any obstruction to the magnificent view on the Red Sea.

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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)

Egypt and the International Monetary Fund (IMF) have agreed to review their joint credit facilitation program to ensure that no additional burdens are placed on citizens.

Egyptian Prime Minister Mostafa Madbouly reiterated the government’s commitment to “maintaining a flexible exchange rate in coordination with the central bank to safeguard the progress achieved in this area.” He expressed hope that the meetings with the IMF delegation in the coming days would “conclude the fourth review of the economic reform program.”

Following a meeting on Sunday between President Abdel Fattah al-Sisi and IMF Managing Director Kristalina Georgieva in Cairo, the Egyptian Presidency announced that Georgieva expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments.”

In March, Egypt signed an $8 billion extended financial support package with the IMF, which requires reducing subsidies on fuel, electricity, and essential goods and allowing the Egyptian pound to float.

In late October, Sisi warned that his government might need to reassess its program with the IMF if international institutions do not account for the extraordinary regional challenges the country is facing. He cited a nearly 60% drop in Suez Canal revenue due to security tensions in the Red Sea as an example.

During the meeting with Georgieva, Sisi expressed Egypt’s commitment to continuing its cooperation with the IMF, building on progress to boost economic stability and reduce inflation. However, he stressed the need to acknowledge recent challenges Egypt has faced due to regional and international crises, which have impacted foreign currency reserves and budget revenues.

Sisi reiterated that the government’s primary focus is on alleviating pressures on citizens, particularly by controlling inflation and curbing rising prices, while also continuing efforts to attract investments and empower the private sector to drive employment and growth.

Georgieva, in turn, commended Egypt’s recent efforts and the reform program being “carefully implemented with a focus on the most vulnerable.” She highlighted the progress in macroeconomic indicators despite unprecedented current challenges, noting that this has been reflected in positive assessments from international credit rating agencies, improved credit ratings, and increased investments.

She expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments” and emphasized the IMF’s commitment to working with the Egyptian government to identify optimal reform paths.