Sir Richard Branson, Virgin Group founder, will invest in the Red Sea project in Saudi Arabia. The project aims to turn 50 of Saudi’s islands along the Red Sea into luxury tourism destinations.
Branson is the first international investor to commit to the project.The Saudi ministry of information has deemed this “a clear sign that Saudi Arabia is opening its doors to international tourism”.
Branson’s trip to the Kingdom aimed at bringing international awareness to investing and tourism in the Kingdom.
On 1 August, Saudi Arabia announced their plan to transform 34,000 sq km (13,127 sq miles) of the Red Sea islands into luxury resorts. This is in line with the Vision 2030, to reduce the country’s dependence on oil and diversify their income.
The project aims to bring international tourists to the Kingdom.
The Saudi Public Investment Fund will provide the initial investment to the Red Sea project, scheduled to begin construction in 2019.
According to the Saudi government, the project will generate 35,000 jobs.