King Abdullah Economic City' CEO announces establishment of “Red Sea Foundation” in Geneva

Geneva, Rabi’II 11, 1437, January 21, 2016, SPA — CEO and Managing Director of King Abdullah Economic City (KAEC) Fahd Al-Rasheed announced the establishment of a non-profit entity under the name of “Red Sea Foundation,” based in Geneva. The Foundation will contribute to the launch of various initiatives aimed to lead the development effort and investment opportunities as well as raise public awareness of the potential of the Red Sea region.

He made the remarks during his participation in the activities of the World Economic Forum in Davos, Switzerland, stressing that development of trade in the Red Sea region will contribute primarily to the achievement of sustainable development in one of the largest emerging markets in the world.

Al-Rasheed explained that the new foundation, headed by King Abdullah Economic City, will have an international advisory board.

01:51 LOCAL TIME 22:51 GMT