British billionaire businessman Richard Branson will invest in an ambitious tourism project in Saudi Arabia that will transform a 200-kilometre stretch of Red Sea coastline into a luxury destination. The development will feature hotels, residences and transport hubs, AFP reported on Sunday.
Mr Branson, the founder of the Virgin Group, is the first international investor to commit to the kingdom's Red Sea project, the news agency said, citing a statement from the Saudi ministry of information.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, will provide initial investment for the project, which will link more than 50 islands, create 35,000 jobs and add 15 billion Saudi riyals (US$4bn) to the kingdom's economy.
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[ Saudi Arabia plans mega Red Sea tourism project ]
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Mr Branson had made a trip to Saudi Arabia where he visited the Red Sea and also the tombs at Mada'in Saleh, a Unesco World Heritage site, according to a blog post on Virgin's website.
"During my visit, I had the chance to enjoy a fascinating tour of Saudi Arabia that few people have got chance to see before," Mr Branson wrote in the post.
“We were taken to the Red Sea, where a huge project to turn a giant lagoon into a beautiful tourism destination is
underway.”
The Red Sea project is part of the kingdom's Vision 2030 economic development plan that seeks to reduce the country's reliance on oil and diversify the economy. Tourism is considered to be a vital generator of employment for Saudi
Arabia's young population, with the hope of 1.2 million new jobs being added in the sector by 2030.
The development will stretch across more islands between the cities of Umluj and Al Wajh, just a few kilometres from one of the kingdom’s protected reserves and extinct volcanoes in Harrat Al Rahat area.
Foundations will be laid in the third quarter of 2019, with the first phase due to be completed in late 2022.
While the PIF will fund the initial stages of the project, the plan is to later partner with leading international
companies.
The project aims to attract tourists to historic and natural landmarks in the kingdom such as the ruins of Mada'in Saleh, dating back to the 1st century. Visitors can explore the area's flora and fauna.
Saudi Arabia’s tourism sector, encompassing both luxury and domestic tourism, is set to increase in size over the medium and long term, bolstered by the Vision 2030 investments, according to BMI Research.
The research firm forecasts the country's growth in tourism arrivals to grow 12.8 per cent in 2017 to reach a total of 22.6 million.
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Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
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Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
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Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
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Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
The specs
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Power: 119bhp
Torque: 145Nm
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On sale: now
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Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
COMPANY PROFILE
Company name: Alaan
Started: 2021
Based: Dubai
Founders: Parthi Duraisamy and Karun Kurien
Sector: FinTech
Investment stage: $7 million raised in total — $2.5 million in a seed round and $4.5 million in a pre-series A round
MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
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Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
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Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
The Roundup : No Way Out
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Rating: 3/5
A QUIET PLACE
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UAE Warriors 45 Results
Main Event
: Lightweight Title
Amru Magomedov def Jakhongir Jumaev - Round 1 (submission)
Co-Main Event
: Bantamweight
Rany Saadeh def Genil Franciso - Round 2 (submission)
Catchweight 150 lbs
Walter Cogliandro def Ali Al Qaisi - Round 1 (TKO)
Bantamweight
Renat Khavalov def Hikaru Yoshino - Round 2 (TKO)
Flyweight
Victor Nunes def Nawras Abzakh - Round 1 (TKO)
Flyweight
Yamato Fujita def Sanzhar Adilov - Round 1 (submission)
Lightweight
Abdullo Khodzhaev def Petru Buzdugen - Round 1 (TKO)
Catchweight 139 lbs
Razhabali Shaydullaev def Magomed Al-Abdullah - Round 2 (submission)
Flyweight
Cong Wang def Amena Hadaya - Points (unanimous decision)
Middleweight
Khabib Nabiev def Adis Taalaybek Uulu - Round 2 (submission)
Light Heavyweight
Bartosz Szewczyk def Artem Zemlyakov - Round 2 (TKO)
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Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8