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Logo of Saudi Red Sea Authority
The coastal tourism sector is witnessing significant growth, said Mohammed Al Nasser, CEO of the Saudi Red Sea Authority (SRSA), expecting its contribution to the local gross domestic product (GDP) estimated to reach about SAR 85 billion by 2030.
He told CNBC Arabia that the value of international coastal tourism is poised to hit $900 billion in 2030.
According to the top executive, SRSA aims to attract early 19 million tourists to coastal tourism in the Red Sea by 2030, in partnership with all existing mega projects, the private sector, and small and medium-sized enterprises (SMEs) along the entire Red Sea coast.
The local investment environment has become more mature and is still advancing through developing regulations with investors in the same sector. The growth being sought is participatory, he added.
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