Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM.
Under the terms of the agreement, the two parties will collaborate to develop legislation, regulations and technology in marine tourism. The partnership will facilitate the sharing of expertise and enable the implementation and activation of joint initiatives, with the aim of enhancing research, delivering innovation, and improving the visitor experience for tourists in Saudi Arabia’s existing, emerging and future Red Sea coastal destinations.
At the signing ceremony, SRSA was represented by the Acting CEO Mr. Mohammed Al-Nasser, while NEOM CEO Nadhmi Al-Nasr signed the agreement from the giga-project’s side.
The signing of the MoU reflects SRSA’s efforts and commitment to carry out its role in encouraging and attracting investment in coastal tourism activities, as well as giving assistance to small and medium enterprises, including the provision of administrative, technical and advisory support.
Through this partnership, SRSA aims to achieve integration with relevant entities from the public, private and third sectors to achieve the goals of Saudi Vision 2030 in activating the role of coastal tourism as one of the promising and valuable sectors of the national economy.
The agreement specified several areas of cooperation, such as supporting opportunities available to investors in the field of coastal tourism and water activities, as well as planning and implementing other joint initiatives as agreed upon by the two parties.
The MoU forms part of SRSA’s efforts to expand its strategic partnerships and explore best practices to regulate navigational and marine tourism activities, all while ensuring sustainability and care for the environment.
The Saudi Red Sea Authority (SRSA) was established by a Cabinet decision in November 2021 with the objective of enhancing integration between the relevant entities by issuing licenses and permits, developing the necessary policies and strategies, determining infrastructure requirements, preserving the marine environment, enabling SMEs, and promoting navigational and marine tourism activities, which will reflect as an added value to the national economy.
