John Pagano, chief executive of the Red Sea Development Company, has argued tourism has a vital part to play in the future of Saudi Arabia.
Speaking at the Future Hospitality Summit in Riyadh this morning, Pagano said: “The Red Sea Development is one of the most ambitious tourism projects anywhere in the world today.
“Saudi is seeking to diversify its economy away from oil, and tourism will be a big part of that.
“Tourism in Saudi Arabia is under-represented currently – whereas it accounts for ten per cent of global GDP, it is only 3.4 per cent here in the kingdom.”
The Red Sea Development Company is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.
The company was established to drive the development of the Red Sea Project, a luxury tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.
The project will be developed over 28,000 square kilometres of pristine land on the west coast of the country and…