AGL 40.25 Increased By ▲ 0.25 (0.63%)
AIRLINK 127.60 Increased By ▲ 0.56 (0.44%)
BOP 6.57 Decreased By ▼ -0.10 (-1.5%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.64 Increased By ▲ 0.09 (1.05%)
DFML 41.90 Increased By ▲ 0.46 (1.11%)
DGKC 87.62 Increased By ▲ 0.77 (0.89%)
FCCL 32.65 Increased By ▲ 0.37 (1.15%)
FFBL 65.00 Increased By ▲ 0.20 (0.31%)
FFL 10.26 Increased By ▲ 0.01 (0.1%)
HUBC 109.59 Increased By ▲ 0.02 (0.02%)
HUMNL 14.57 Decreased By ▼ -0.11 (-0.75%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.54 Increased By ▲ 0.08 (1.07%)
MLCF 41.49 Increased By ▲ 0.11 (0.27%)
NBP 59.55 Decreased By ▼ -0.86 (-1.42%)
OGDC 194.11 Increased By ▲ 4.01 (2.11%)
PAEL 28.25 Increased By ▲ 0.42 (1.51%)
PIBTL 7.80 Decreased By ▼ -0.03 (-0.38%)
PPL 151.85 Increased By ▲ 1.79 (1.19%)
PRL 26.45 Decreased By ▼ -0.43 (-1.6%)
PTC 16.15 Increased By ▲ 0.08 (0.5%)
SEARL 82.51 Decreased By ▼ -3.49 (-4.06%)
TELE 7.67 Decreased By ▼ -0.04 (-0.52%)
TOMCL 35.45 Increased By ▲ 0.04 (0.11%)
TPLP 8.17 Increased By ▲ 0.05 (0.62%)
TREET 16.11 Decreased By ▼ -0.30 (-1.83%)
TRG 52.84 Decreased By ▼ -0.45 (-0.84%)
UNITY 26.50 Increased By ▲ 0.34 (1.3%)
WTL 1.24 Decreased By ▼ -0.02 (-1.59%)
BR100 9,951 Increased By 67.8 (0.69%)
BR30 30,875 Increased By 274.8 (0.9%)
KSE100 93,875 Increased By 519.7 (0.56%)
KSE30 29,088 Increased By 157.1 (0.54%)

Saudi Arabia's Red Sea Project, a vast tourist development aimed at opening the economy, has been registered as a standalone company and will be headed by a former director of London's Canary Wharf business zone, the country's sovereign wealth fund said on Sunday.
In July, the Saudi government revealed plans to develop resorts on some 50 islands off the kingdom's Red Sea coast and said the Public Investment Fund (PIF), the country's sovereign wealth fund, will make initial investments and seek partnerships with international investors and hoteliers. The Red Sea Project, part of an ambitious strategy to open the economy and ease social restrictions, will be built between the cities of Amlaj and al-Wajh, will offer a nature reserve, heritage sites and diving in coral reefs. It will break ground in the third quarter of 2019 and complete its first phase in late 2022.
PIF has two other major initiatives: NEOM - a $500 billion business and industrial zone extending into Egypt and Jordan - and Qiddiya, a multi-billion dollar entertainment resort that will be 2-1/2 times the size of Disney World. "The Ministry of Commerce and Investment has registered The Red Sea Development Company (TRSDC) as a closed joint-stock company wholly owned by PIF," a statement emailed to Reuters said.
John Pagano, the former managing director for development, of the Canary Wharf Group in London, has been appointed as chief executive officer, it said. The Red Sea Development Co will create a special economic zone with its own regulatory framework, visas on entry, relaxed social norms, and improved business regulations, the statement said, adding this will enable it to develop and deliver a world-class international tourist destination.
The fund, chaired by Crown Prince Mohammed bin Salman, is believed to have assets totalling about $183 billion and is set to receive a cash injection next year after the share sale of state oil giant Saudi Aramco. The crown prince has said more than half of the proceeds from that sale would be reinvested domestically to develop promising Saudi non-oil sectors.

Copyright Reuters, 2018

Comments

Comments are closed.