May 22, 2024

Saudi Red Sea Authority And NEOM Inks A Strategic Partnership

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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.
Saudi Red Sea Authority and NEOM sign MoU. From L To R-Acting CEO Mr. Mohammed Al-Nasser Of SRSA, and NEOM CEO Nadhmi Al-Nasr-Image Courtesy-SRSA

Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM. Under this partnership agreement, the two parties will partner to develop legislation, regulations, and technology in marine tourism.

Industry sources added that this partnership will facilitate the sharing of expertise and permit the implementation and activation of joint initiatives, to enhance research, deliver innovation, and improve 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.

Industry sources added that this signing of the MoU displays SRSA’s efforts and its overall commitment to carry out its role in encouraging and luring out investment in coastal tourism activities, as well as assisting small and medium enterprises, including the provision of administrative, technical, and advisory support.

Industrial sources further added that 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.

Industry sources further affirmed that this 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.

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