Red Sea tourism project incorporated as closed joint stock firm

The Red Sea tourism project has been incorporated closed joint-stock company, wholly owned by the Public Investment Fund (PIF), the Ministry of Culture and Information said in a statement on Sunday.

John Pagano has been appointed the chief executive officer of The Red Sea Development Company (TRSDC), the statement added.

Pagano joins TRSDC from London’s Canary Wharf Group, where he was the managing director (development).

Following its incorporation as a standalone firm, TRSDC will move forward with the creation of its special economic zone and its own regulatory framework, separate from the base economy.

A special emphasis will be on environmental sustainability, offering visa on entry, relaxed social norms, and improved business regulations, the statement said.

“The Red Sea Project offers numerous investment opportunities, enabling companies of different sizes and sectors to contribute to this one-of-a-kind development, elevating the Kingdom’s position as a global investment powerhouse,” Pagano said.

Located on the west coast, between the cities of AlWajh and Umluj, the Red Sea Project was launched in July last year by Crown Prince Mohammed bin Salman.

The Phase-I of the year-round destination one is due to open in 2022.

Earlier this month, Al-Qiddiya entertainment megacity project had been incorporated and registered as a closed joint-stock company.