Saudi Arabia’s Red Sea Tourism Project Aims to Plant over 15 Mln Plants

A view of the giant planting project of the Red Sea tourism project in western Saudi Arabia. (SPA)
A view of the giant planting project of the Red Sea tourism project in western Saudi Arabia. (SPA)
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Saudi Arabia’s Red Sea Tourism Project Aims to Plant over 15 Mln Plants

A view of the giant planting project of the Red Sea tourism project in western Saudi Arabia. (SPA)
A view of the giant planting project of the Red Sea tourism project in western Saudi Arabia. (SPA)

The Red Sea Development Company (TRSDC), the operator of the giant Red Sea tourism project in western Saudi Arabia, seeks to plant more than 15 million plants and saplings to enrich the green cover in the project’s environment, through its one-million square meters nursery.

Head of Corporate Environment and Sustainability at TRSDC Raed al-Baseet confirmed that environmental monitoring is the permanent companion for the project from the planning, initial and construction phases until its completion.

The company is seeking to increase the percentage of seaweeds that absorb carbon dioxide and increase the percentage of mangrove trees and coral reefs.

“This is in addition to its endeavors to identify areas with high environmental values, something that the company has already achieved through approving the development of 22 islands out of 90 at the location to make them a tourist destination with a different environmental character.”

Since the beginning of the project, the area was designed to become a destination for renewable tourism with its sensitive ecological system, said Baseet.

“To ensure achieving ecological diversity and balance, which we aspire to realize by 2040, we have conducted comprehensive ecological surveys for all the lands of the project, taking into consideration the long-term environmental impacts of the operational actions of the scheme,” he noted.

The ecological team at the company plays a vital role in most aspects of the project and focuses on enhancing the environment through choosing the proper engineering designs and abiding by environmental considerations, according to Baseet.

He indicated that these considerations were either adopted before or after any phase of developing the project, noting that the team cooperated with relevant external organizational bodies to guarantee the implementation of sustainable commitments in the project in an appropriate manner.

As for ecological initiatives, Baseet said that the company had launched the “Blooming the Red Sea” initiative that was implemented in cooperation with the National Center for Vegetation Cover and Tabuk University.

The initiative is working to incubate 17,000 saplings of local plants in the nursery, through which the company trained university student volunteers to take care of the saplings until they are grown enough to be planted at the project location.

Baseet noted that the company has also contributed to the Green Saudi Arabia and Middle East Green Initiatives that aim to reduce carbon emissions, decrease noise, achieve ecological balance, provide natural environments and safe havens for organisms, and improve natural views.

In February 2020, the company inaugurated the project’s nursery, which is the largest in the region, to plant whatever can serve the environment of the project.



Saudi PIF Buys Istidamah Holding’s Stake in MBC for $2 Billion

Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)
Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)
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Saudi PIF Buys Istidamah Holding’s Stake in MBC for $2 Billion

Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)
Photo taken during MBC Group's opening of its new headquarters in Riyadh (SPA)

The Saudi media group MBC has announced that Istidamah Holding, one of its shareholders, signed an agreement to sell its 54% stake to the Public Investment Fund (PIF) for around $1 billion (SAR 7.5 billion). This has pushed MBC’s share price up by the maximum limit of 10% in Sunday’s trading.
According to the terms of the sale and purchase agreement, disclosed by MBC to the Saudi Stock Exchange (Tadawul) on Sunday, Istidamah Holding, owned by the Ministry of Finance, will transfer its entire stake in MBC to PIF, positioning PIF as the controlling shareholder of the company.
MBC reported that the private transaction values each share at SAR 41.6 ($11.1), involving the sale of 179.55 million shares. The deal is expected to close following regulatory approvals.
MBC shares rose to the maximum limit of 10%, reaching SAR 45.75 after the announcement.
In his comments on the deal, the Senior Head of Asset Management at Arbah Capital, Mohammad Farraj, told Asharq Al-Awsat that the acquisition of a significant stake in MBC by the Saudi Public Investment Fund marks a milestone in the history of media and entertainment in the region.
He explained that this strategic move reflects increased confidence in the sector’s ability to achieve sustainable growth and underscores the government’s commitment to supporting and developing this vital economic engine.
In the long term, Farraj said he expects MBC’s stock to achieve sustainable growth for several reasons, including government support, as MBC will benefit from substantial government backing through PIF, enabling it to pursue ambitious projects and expand its operations.
In addition, MBC plans to focus on producing high-quality content to meet diverse audience needs, which will enhance its popularity and attract more advertisers, he remarked.
Farraj pointed out that the company aims to broaden its reach into new markets outside Saudi Arabia, increasing revenues and reinforcing its position as a global brand.
The analyst also suggested that PIF’s acquisition of MBC could attract further local and foreign investments into the sector, bolstering its competitiveness and innovation.
“A new generation of innovative products and services, such as digital platforms and specialized apps, will enhance user experiences and open new growth avenues,” he said.
MBC was the first new listing on the Tadawul index in 2024, following its initial public offering (IPO) of 10% of its shares at the end of the previous year, raising $222 million. The group offered 33.25 million common shares, representing 10% of its capital, at an IPO price of SAR 25 per share.
MBC Group’s profits rose by 66.5% year-on-year in the second quarter of the current year, reaching $31 million (SAR 116.4 million) in net income, despite an 11.6% drop in revenue, which fell to $256.8 million (SAR 963.9 million).