RIYADH: Saudi Arabia’s tourism landscape is set for a boost after multi-project developer Red Sea Global signed an agreement with travel company Almosafer. 

According to a statement, the deal will see the firm showcasing and promoting the destination’s tourism developments and offerings.

“With Almosafer’s support, we will help travelers discover just how special this part of the world is, from the pristine coastline and breathtaking coral reefs to the stunning dunescapes and wadis,” said Group CEO of Red Sea Global John Pagano. 

He added: “Our growing portfolio is set to unlock the tourism potential of the Red Sea coast for all segments of travel with a diverse range of experiences and offerings.” 

Under the deal, both companies will collaborate on targeted marketing and promotion campaigns to raise awareness among travelers, highlighting the offerings in the Red Sea and AMAALA. 

Developing the tourism sector is crucial for Saudi Arabia, as the Kingdom is steadily pursuing its economic diversification journey by reducing its dependency on oil. 

Saudi Arabia’s National Tourism Strategy aims to attract 150 million visitors to the Kingdom by 2030 and create 1.6 million jobs in the sector. 

“The partnership with Red Sea Global reflects our shared vision for redefining luxury travel and shaping the future of luxury tourism in Saudi Arabia. We are excited to leverage our geographical reach and decades of experience to position them as the ultimate destinations that set new standards in bespoke tourism experiences,” said Muzzammil Ahussain, CEO of Almosafer. 

With 79 hotels in total, the Red Sea and AMAALA are projected to contribute SR33 billion ($8.79 billion) annually to the Kingdom’s economy upon completion in 2030. 

Meanwhile, Red Sea Global also signed another deal with Saudia, the national flag carrier of Saudi Arabia, to streamline the travel experience of employees working with the multi-project developer. 

The partnership will enable employees of Red Sea Global and its affiliates to access exclusive upfront discounts and special corporate rates while traveling with Saudia, the Saudi Press Agency reported. 

“We are excited to collaborate with Red Sea Global and offer them seamless travel solutions to connect with international partners and talent,” said Saudia chief commercial officer Arved Von Zur Muehlen. 

He added: “This partnership reflects Saudia’s unwavering commitment to supporting the Kingdom’s economic objectives and positioning it as a global tourism hub.” 

CAIRO: Egypt’s non-oil private sector continued to shrink in April despite a $35 billion investment deal signed with the UAE in February and an $8 billion International Monetary Fund agreement in March, a survey showed on Wednesday.

The S&P Global Purchasing Managers’ Index for Egypt edged down to 47.4 in April from 47.6 in March, remaining below the 50.0 threshold that separates growth from contraction for a 41st consecutive month.

“Business activity once again fell markedly as firms commented on difficult market conditions, with the decline leading to a renewed drop in employment,” S&P Global said.

The employment sub-index slipped to 49.7 in April from 50.8 in March.

Egypt signed an agreement with the IMF on March 6, with an initial $820 million payout received in April and a second, $820 million payout expected after an IMF review in June.

In granting the financial support, the IMF cited shocks to the Egyptian economy from the crisis in neighboring Gaza. Egypt devalued its currency on March 6 and hiked interest rates by 600 basis points as part of the deal.

The output sub-index climbed to 44.8 in April from 44.5 in March and the new orders index improved to 45.5 from 45.0. Business sentiment also improved, with the future output expectations index climbing to 55.3 in April from 52.2 in March.

“Sentiment was at a six-month high, reflecting hopes of exchange rate stability, lower prices and better material availability,” S&P Global said.

Meanwhile, global ratings agency Fitch last week revised Egypt’s outlook to positive from stable.

The agency affirmed Eygpt’s rating at ‘B-,’ citing reduced external financing risks and stronger foreign direct investment.

Foreign investors have poured billions of dollars into Egyptian treasury bills since the country announced the IMF loan program. After the investment in the country’s foreign portfolio and the support from the UAE, Egypt’s net foreign assets deficit shrank by $17.8 billion in March.

Fitch says that initial steps to contain off-budget spending should help to reduce public debt sustainability risks.

The country straddles North Africa and West Asia and has been grappling with an ongoing economic crisis linked to persistent foreign currency shortages. In the fourth quarter, its foreign debt climbed by $3.5 billion to $168.0 billion.

Meanwhile, Moody’s also revised its outlook on Egypt to “positive” in early March while affirming its ratings due to the high government debt ratio and weaker debt affordability compared to its peers.