August 18, 2021: SNB, in partnership with The Red Sea Development Company (TRSDC), organized a virtual forum entitled "The Genesis of a Global Tourist Destination". During the Forum, SNB reviewed the promising investment opportunities in Saudi tourism sector as an international destination, represented in the "Red Sea Project". Leading local and international investors joined the forum, with the participation of Mr. John Pagano, CEO of the Red Sea Development Company, and SNB's Chairman, Mr. Ammar Alkhudairy.
The forum outlined the developments in the Red Sea Project different phases, with the first phase expected to start at the end of this year. The project is considered one of the three major projects wholly owned by the Public Investment Fund, announced by the Crown Prince, Deputy Prime Minister and Minister of Defense, HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud in 2017, to place the Kingdom on the global tourism map, and to contribute to a new sustainable tourism industry that supports the vision's directions to diversify sources of income and the national economy.
Pagano expressed his gratitude and appreciation to SNB for organizing the forum. He stressed that SNB is a supportive partner of the Red Sea Project, being the largest bank in the Kingdom, thanks to its strong balance sheet and its position as the largest institutional funder. He also expressed his gratitude for presenting the promising partnership opportunities available to investors, pointing out that the Red Sea project will achieve great economic benefits in view of the surrounding attractions. It is a front that introduces a new concept of sustainable tourism in the region, which plays a major role in diversifying the local economy in line with Vision 2030.
During his speech, Pagano revealed the pioneering approach taken by TRSDC in setting standards for renewable tourism at the local, regional and global levels. This will, in turn, enable the Kingdom to be placed on the international tourism map, as travelers are increasingly requesting real estate development companies to pay more attention to the environment when designing, developing and operation tourism destinations
Chairman of SNB, Mr. Ammar Alkhudairy, confirmed that the SNB's organization of this forum, which was attended by a group of investors interested in investment opportunities in the Kingdom, comes as an affirmation of the bank's continued support for the economic and investment initiatives included in the Kingdom's vision 2030, which represents a roadmap towards the future.