Red Sea Global Investment and Operation Opportunities

The ABCC welcomed Simon Penney, His Majesty's Trade Commissioner for the Middle East and Pakistan, and senior executives from Red Sea Global (RSG) to the Chamber's Mayfair premises on 4 November for an exclusive event held to showcase new tourism giga-projects in the Kingdom of Saudi Arabia.

The meeting, held in cooperation with the UK's Department for International Trade, introduced investors to the range of existing and upcoming opportunities in the Red Sea and Amaala, which constitute two of the world's most ambitious construction projects and are key components of the Kingdom's Vision 2030 transformation.

The event attracted an audience of upwards of one hundred senior executives and investors keen to learn about the various investment and operations opportunities available in these multi-billion dollar projects that the Kingdom is embarked on as it positions itself as a prime location for sustainable luxury tourism.

The meeting took place in the presence of HRH Prince Khalid Bin Bandar Bin Sultan, Saudi Arabia's Ambassador to the UK.

In welcoming remarks, Mr Bandar Reda, ABCC Secretary General & CEO, informed the meeting that he was raised in the Red Sea area and was fully aware of its rich untapped potential because it was "one of the most magical places on earth".

The discussion was chaired by Rt Hon Baroness Symons, the ABCC Chairman.

Mr Penney spoke of the breath-taking scale of the transformation taking place in the Kingdom and how the Red Sea and Amaala projects were opening up major opportunities for UK expertise across the creative and hospitality industries.

The Trade Commissioner praised the ABCC for its outstanding work in championing closer UK-Arab business links and remarked on the great success of its Arab British Economic Summit, which had been held earlier that week.

Delegates heard that the projects were about a lot more than simple tourism; they concerned major infrastructure, new cities, use of technology to create new sources of revenue for the Kingdom's increasingly diversified economy.

The Red Sea is the world's most ambitious regenerative tourism destination and is pioneering a new approach to tourism that aims to enhance the natural environment for future generations.

Meanwhile, AMAALA is a luxury wellness destination focused on providing all that is needed for transformative personal journeys. Its design and services are inspired by science, arts and culture. The two destinations demonstrate the Kingdom's strong commitment to deliver its luxury tourism ambitions, while protecting and enhancing the surrounding natural environment.

Visionary developer, Red Sea Global (RSG), a recent rebrand of the Red Sea Development Company, is supported in its endeavours by the Kingdom's Public Investment Fund (PIF).

Speakers from the company included Ben Edwards, RSG Group Head of Cost, Commercial and Procurement, who could draw on nearly three decades of experience in building and civil engineering in the UK, Europe, the Caribbean, and the Middle East.

Mr Edwards was joined by Mohammad Al Fardan, Executive Director, RSG, a Saudi national with over 20 years procurement experience with major Gulf contractors and Paul Donaghy, Executive Director, Group Procurement, RSG, who boasts over two decades construction related experience in Ireland, Mauritius and the Middle East.

The speakers informed the meeting that both projects were within special economic zones which means that favourable regulations and incentives apply. The substantial developments include major construction of facilities for ecotourism, new airports, transport links, hotels and smart infrastructure. The projects were setting international standards for sustainable development with minimum waste, maximum use of renewables and huge conservation benefits.

The year 2030 was to be the final deadline for the full operation of the projects.

Delegates were told that these projects could only be delivered in partnership with international investors and by attracting their expertise. The opportunities were abundant and "work was available for everybody".

RSG was seeking strategic partners and specialists and was open to any serious proposals for consideration. UK companies were invited to make contact and get on board.

The event was organised in cooperation with the DIT's trade team in Jeddah and formed part of its International Trade Week.