Updated By: LatestGKGS Desk
Founder of Virgin Group Richard Branson to invest in Saudi Arabia's tourism project
Founder of Virgin Group Sir Richard Charles Nickolas Branson to invest in Saudi Arabia's tourism project
The Saudi Government announced that Virgin Group founder Sir Richard Branson would invest in a Red Sea project 1st October 2017.
Red Sea Project’s aims to turn 50 Saudi Arabian islands into luxury tourism destinations.
Richard Branson is the first international investor to commit to the project.
Saudi Arabia’s information ministry said, in what officials called a clear sign that Saudi Arabia is opening its doors to international tourism.
Branson also visited the tombs at Mada in Saleh a Unesco world heritage site located near a string of new hotels in a trip, to the Gulf kingdom that appears to be aimed at attracting further international attention, in terms of both investment and tourism.
Project's aims to turn a large area of the Gulf kingdom’s Red Sea coast into a luxury destination in an attempt to end its dependence on oil
* The scheme aims to pull the region’s biggest economy out of its dependence on oil and diversify the country’s economic revenue model.
* The project is aimed at attracting international tourists to a country where alcohol is prohibited and the mobility and dress of women restricted.
* The Saudi Public Investment Fund, which is headed by Prince Mohammed, will provide the initial investment into the Red Sea project, with construction slated to start in 2019.
* The Red Sea project is expected to generate 35,000 jobs, according to the Saudi government.