The Saudi Red Sea Authority (SRSA) has signed a Memorandum of Understanding (MoU) with NEOM to cooperate in the development of laws, regulations and technology in maritime tourism.
The partnership will foster the sharing of expertise with the aim of enabling innovation and improving the tourist experience in Saudi Arabia’s existing, emerging and future Red Sea coastal destinations.
NEOM is being built from the ground up as a living laboratory in the Red Sea region of northwest Saudi Arabia. This includes hyper-connected cognitive cities, ports and corporate zones, research centres, sports and entertainment facilities, and tourist destinations. As an innovation hub, NEOM says entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and companies in innovative ways. NEOM residents embody a cosmopolitan spirit and embrace a culture of exploration, risk-taking, and diversity.
The signing of this Memorandum of Understanding reflects SRSA’s commitment to play a role in encouraging and attracting investment in coastal tourism activities, as well as providing support to small and medium-sized enterprises, including the provision of management, technical and advisory support.
The agreement specifies several areas of cooperation, including support for opportunities available to investors in the area of coastal tourism and water activities, as well as the planning and implementation of other joint initiatives agreed to by both parties.
