Green light for crown prince-led Saudi privatization program

Updated 25 April 2018
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Green light for crown prince-led Saudi privatization program

  • The Privatization Program is one of 12 key elements of the Saudi Arabia’s Vision 2030
  • The program is aimed at increasing job opportunities for Saudi nationals

RIYADH: Saudi Arabia’s Council of Economic and Development Affairs on Tuesday approved the Privatization Program that is one of 12 key elements of the Kingdom’s Vision 2030. 

The program is aimed at increasing job opportunities for Saudi nationals, attracting the latest technologies and innovations, and supporting economic development.

It encourages both local and foreign investment in order to enhance the role of the private sector, with government entities adopting a regulatory and supervisory role. The aim is to increase the private sector’s contribution to GDP from 40 percent to 65 percent by 2030. 

The program will aim to reach its objectives through encouraging the private sector to invest in establishing new schools, universities and health centers, while the government pursues its organizational and supervisory role in health and education.

The privatization program aims to benefit from previous success stories, with the private sector’s collaboration in the development of infrastructure, and its involvement on a large scale in sectors such as energy, water, transport, telecommunications, petrochemicals and finance.

The program sets out a series of objectives in three areas: Developing a general legal framework for policies related to privatization; establishing organizational foundations and dedicated institutions to execute the policies; and setting a timescale for their delivery. 

The Council of Economic and Development Affairs is headed by Crown Prince Mohammed bin Salman.


Red Sea Global unveils scientific model for regenerative tourism worldwide

Updated 45 min 58 sec ago
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Red Sea Global unveils scientific model for regenerative tourism worldwide

  • The report details the model’s rollout at “The Red Sea” and “AMAALA” destinations, backed by studies covering 8 marine habitats

TABUK: Red Sea Global (RSG) has unveiled a science-based model aimed at achieving a 30 percent net positive conservation benefit across its tourism destinations by 2040. 

The framework is now available for global adoption, according to a statement released by RSG.

Owned by Saudi Arabia’s Public Investment Fund (PIF), Red Sea Global is the multi-project developer behind ambitious regenerative tourism destinations like “The Red Sea” and “AMAALA.” 

As a cornerstone of the Kingdom’s Vision 2030, the company aims to diversify the national economy while setting new global benchmarks for sustainable, nature-positive development.

CEO John Pagano stated that openly sharing this detailed approach will help elevate the global tourism sector and secure a healthier environment for future generations.
 

Map showing the boundaries of the Red Sea Zone. (Graphic from the RSG report)

The cornerstone of this initiative is the proprietary SIIG Model, a four-step framework:
• Survey: Establish biodiversity baselines and monitor long-term changes.
• Identify: Assess risks to priority habitats and species.
• Intervene: Execute evidence-based actions, such as regulating fishing and enhancing natural habitats.
• Gain: Measure and verify biodiversity improvements.

The report details the model’s rollout at “The Red Sea” and “AMAALA” destinations, backed by extensive 2022–2023 environmental baseline studies covering eight marine habitats and priority species groups during 2022 and 2023. 

A major intervention is the 5,015-square-kilometer Fishery Management Area in Al-Wajh Lagoon. The plan reserves 38 percent of the area for priority conservation—protecting 62 percent of local coral reefs—while allocating 61 percent for sustainable fishing.

According to scientific modeling, eliminating fishing in high-protection zones could increase reef fish populations by 113 percent, sharks and rays by 72 percent, and marine mammals by 24 percent. These measures are expected to boost coral resilience, support ecosystem recovery, and protect vulnerable species like sea turtles and seabirds.
Ihab Kindi, RSG’s Red Sea Destination Executive Director, called the data-driven model a practical roadmap for large-scale marine recovery. The complete methodology is available in the new report, “The SIIG Model: A Roadmap Toward Achieving Measurable Conservation Gains.”