Red Sea Development forms 12-member advisory board

The Red Sea Development Co. (TRSDC) has formed an advisory board of 12 business, tourism, sustainability and environmental experts, it said in a statement.

TRSDC, which is wholly-owned by Saudi Arabia’s Public Investment Fund (PIF), said that the board will set up the project’s business plan and schedule.

The advisors will act as ambassadors to promote the project around the world, CEO John Pagano said.

The members of the advisory board have met for the first time in New York City in March 2018 to present their initial views on the project’s direction.

The second meeting was in Saudi Arabia in July, where they visited the site, learned about its unique ecosystem and were able to present their views about the development and sustainability strategies, he said.

Having a board of elite experts to guide the company is key to build such a world-standard mega project. The advisors will occupy several positions, as they work alongside the board of directors and the executive team.

TRSDC was incorporated into a closed joint-stock company in May to develop the Red Sea project, announced by Crown Prince Mohammed bin Salman last year.

Under the project, 50 islands between the cities of Umluj and Al Wajh will be developed, with the aim to bolster tourism and attract investments.

The first phase is expected to be launched in the third quarter of 2019, and will include the development of an airport and a marina, luxury hotels and residential units, the infrastructure and transportation services. It is expected to be completed by the Q4 2022.