LONDON: Saudi Arabia’s Red Sea project will offer visas on arrival for overseas visitors following the creation of a company to deliver the ambitious project.
The project marked a milestone on Sunday with its incorporation as a standalone closed joint-stock company, The Red Sea Development Company (TRSDC), wholly owned by the country’s Public Investment Fund (PIF).
The company, which in October announced Virgin Group founder Richard Branson as one of its board members, on Sunday said it had recruited John Pagano, the former managing director of development for the UK’s Canary Wharf Group as its chief executive.
The newly-incorporated company will now move forward with the creation of its Special Economic Zone, with its own regulatory framework, it said in a statement.
The framework will be separate from the base economy, with a special emphasis on environmental sustainability, and will offering visa on entry, relaxed social norms, and improved business regulations.
“The destination will provide a unique sense of place for visitors and offer nature lovers, adventurers, cultural explorers and guests looking to escape and rejuvenate, a wide range of exclusive experiences, combining luxury, tranquillity, adventure and beautiful landscapes,” said Pagano.
The first phase of The Red Sea Project — which will occupy an area greater than the size of Belgium between the cities of Al-Wajh and Umluj — will include hotels and residential units, along with a new costal town, an airport and a marina, and is due for completion by late 2022, the company said.
Authorities hope the project will create as many as 35,000 jobs and contribute SR15 billion ($3.99 billion) to the local economy.
The project, unveiled last July by Crown Prince Mohammed bin Salman, is one of the key developments in Saudi Arabia’s strategy to develop its tourism sector, alongside Qiddiya, an entertainment resort near Riyadh that will be two-and-a-half times the size of Disney World.
The country’s Vision 2030 economic development plan is targeting the creation of 1.2 million new jobs in the Saudi tourism sector by 2030.
Saudi Red Sea project to offer visa on arrival for tourists
Saudi Red Sea project to offer visa on arrival for tourists
- Saudi Arabia’s Red Sea Project has been registered as a standalone company
- The venture will be will be headed by John Pagano, former director of London’s Canary Wharf business zone
Saudi Arabia, UAE and allies condemn Gaza ceasefire violations
RIYADH: Saudi Arabia on Sunday led renewed regional condemnation of Israel’s repeated violations of the ceasefire in Gaza, which have resulted in the killing and wounding of more than 1,000 Palestinians.
In a joint statement, the foreign ministers of the Kingdom, the UAE, Indonesia, Pakistan and Turkiye said the breaches represented a dangerous escalation that risked inflaming tensions and undermining efforts to restore calm and stability, the Saudi Press Agency reported.
They joined Qatar, Jordan and Egypt, who on Saturday condemned what they described as ongoing ceasefire violations and warned they threatened de-escalation efforts and regional stability.
The ministers said the latest developments come at a critical moment, as regional and international efforts intensify to advance the second phase of the peace plan proposed by US President Donald Trump and implement UN Security Council Resolution 2803, SPA added.
They warned that the repeated violations pose a direct threat to the political process and could derail attempts to create the conditions for a more stable phase in Gaza, both in security and humanitarian terms. They stressed the need for full adherence to the ceasefire to ensure the success of the next phase of the peace plan.
The statement called on all parties to assume their responsibilities during this sensitive period, exercise maximum restraint, sustain the ceasefire, and avoid any actions that could undermine current diplomatic efforts. It also urged steps to facilitate early recovery and reconstruction in the Gaza Strip.
Reaffirming their commitment to a just, comprehensive and lasting peace, the ministers said this must be based on the Palestinian people’s inalienable right to self-determination and the establishment of an independent state, in line with international law, relevant UN Security Council resolutions and the Arab Peace Initiative.
