Red Sea Development Company, one of the most ambitious tourism projects, has announced the allocation of over 10 billion riyals for the establishment, operation and management of the assets to be developed in the first phase of the Red Sea project, confirming that it is in the process of negotiating with a number of major brands in the sector Luxury tourism that is expected to participate in the development of this destination.

The event was held at the Dubai World Trade Center (DWTC) 2019 and is currently being held at the Dubai World Trade Center and is being attended by more than 2,500 exhibitors and travel professionals.

“The Arabian Travel Market is the most important event in the travel market and is an important opportunity to discuss the investment aspirations of luxury tourism. Investors of their size and influence in the tourism and hospitality sector in the region. “

The Red Sea project aims at positioning the Kingdom on the global tourism map, providing new growth opportunities for local and international companies and contributing to the development and diversification of the Kingdom’s local economy,” Pagano said.

Ahmed Ghazi Darwish, Chief Executive of Red Sea Development Company, said that the company is developing a luxury tourism destination, one of the most ambitious tourism projects in the world and that more contracts will be announced for companies in the next few months.

Darwish pointed out that the Red Sea is working in a promising sector that is waiting for a lot of qualitative investments in the field of luxury tourism. We are currently at the Arabian Travel Market, which is an important link with investors in luxury hospitality,

The new strategic location in the region will also offer new opportunities for cooperation with local, regional and international companies, supporting the ambitious goals we are striving to achieve, including the Kingdom’s position on the global tourism map.

The Arab Travel Market, which takes place in April each year, hosts more than 40,000 travel industry professionals, government officials and international media representatives. Last year, more than 2,500 exhibitors participated in the event. Hotels accounted for 20% of the total. Total exhibition space.

10 billion riyals for the operation of the first phase of the Red Sea project

10 billion riyals for the operation of the first phase of the Red Sea project
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