Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate on the development of legislation, regulations and technology in marine tourism.
The partnership will facilitate the sharing of expertise with the aim of delivering innovation and improving the visitor experience for tourists in Saudi Arabia’s existing, emerging and future Red Sea coastal destinations.
NEOM is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory. It will include hyperconnected, cognitive cities, ports and enterprise zones, research centers, sports and entertainment venues and tourist destinations. NEOM says that, as a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate, and commercialize new technologies and enterprises in groundbreaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.
The signing of the MoU reflects SRSA’s 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.
The agreement specifies 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.