Red Sea Development Company, KAUST Sign a Master Research Agreement

The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)
The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)
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Red Sea Development Company, KAUST Sign a Master Research Agreement

The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)
The Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST). (Asharq Al-Awsat)

Saudi Arabia’s Red Sea Development Company (TRSDC) signed a Master Research Agreement (MRA) with King Abdullah University of Science and Technology (KAUST).

The agreement, which is open for renewal after five years, follows extensive collaboration between the two organizations on flora and fauna assessments, marine spatial planning, and an international competition called the Brains-for-Brine Challenge.

The MRA cements the legal framework for mutually beneficial research projects on topics including, sustainability of marine environments, waste management systems, sustainable food production, energy conservation, and carbon sequestration.

CEO of TRSDC John Pagano said there is a growing realization that tourism, along with many other human activities, needs to be far more sustainable and even regenerative in its approach.

Pagano described the Saudi Red Sea coast as one of the most pristine environments in the world, indicating that by working with KAUST, “we can not only preserve but actually enhance this unique treasure for future generations.”

“Our ambition is to become one of the first global destinations to demonstrate a regenerative approach to tourism. This partnership will not only help us to achieve our goals, but we hope to share what we learn here with the rest of the world.”

The Red Sea coast is home to a vast array of thriving coral reefs, mangroves, seagrasses, and the associated richness of biodiversity.

The collaborative research and development of both parties will inform and guide efforts to go beyond environmental protection and ensure that these critical habitats are enhanced to support the growth of flora and fauna populations, including critically endangered species like the Hawksbill turtle.

KAUST President Tony Chan noted that it is hard to imagine an area of interest and expertise more inextricably linked to KAUST than the Red Sea.

“Through this collaboration with TRSDC, we expect visitors to come away with an appreciation of, not only the unique regenerative approach to tourism offered by TRSDC, but also, through KAUST, by the Kingdom’s vast and deep understanding of this ocean system as a whole.”

Chief Environment Officer at Red Sea Development Company Rusty Brainard noted that achieving carbon neutrality and enhancing biodiversity in this unique and pristine location is a challenging task, but it is of great importance.

“By working with some of the world’s greatest scientists at KAUST, it is a challenge that we can rise to.”

Establishing scientific monitoring to track environmental changes over time is one of the first assignments already underway as part of the new research agreement and will be vital in helping TRSDC achieve its commitment to deliver a 30 percent net conservation benefit by 2040.

KAUST researchers and scientists supported the development of the destination’s master plan with the delivery of an extensive Marine Spatial Planning (MSP) exercise.

As a result, 75 percent of the project’s islands will be left undeveloped in a conservation-to-development ratio unprecedented in any documented coastal development plan in the world.



Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”


Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.


Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.