Picture luxury beach destinations and you probably conjure dreamy images of the Maldives or Seychelles, but Saudi Arabia? Not so much. But that will soon change with an ambitious plan to develop part of the Kingdom’s west coast into a Red Sea resort. This giga-project will cover 50 islands and 34,000 square kilometers — an area bigger than Belgium. In my opinion, this is a smart move by the government to convert the best piece of the Red Sea into a global tourism destination of choice for as many as one million visitors per year in less than two decades. Not only that, it will also be in close proximity to Madain Saleh, the location of 131 cut monumental tombs that is considered a World Heritage Site by UNESCO. Such mammoth development is being backed by the country’s sovereign wealth fund, the Public Investment Fund, and is set to create up to 35,000 jobs and add up to $4 billion to the economy each year once completed. As the enabler of this promising project, the PIF will invite local and global investors to participate in it. It was music to my ears to learn that the Virgin Group founder, Richard Branson, was the first international investor to commit to the project. The great benefit of tourism is that every dollar coming into the industry is quickly felt by business owners and staff, and is directly related to a boost in local spending. Basil M.K. Al-Ghalayini This week, the Saudi Ministry of Commerce and Investment registered the Red Sea Development Company as a closed joint-stock company wholly owned by the PIF. It also assigned John Pagano, the former managing director for development of the Canary Wharf Group in London, as the company’s chief executive officer. The newly incorporated company will now move forward with the creation of its special economic zone, with its own regulatory framework As a licensed scuba diver myself, I cannot wait to market our country’s breathtaking historical wonders and natural beauty through our annual BMG Summer Retreat at the London Stock Exchange on July 11, and hopefully one day we will host an international Polo Cup with the participation of the Duke of Cambridge or the Duke of Sussex. Tourism allows wealth to be injected into a community in a variety of ways. The great benefit of this industry is that it is extremely labor-intensive, and many of the businesses that operate within it are only small or micro operators. This means that the benefits of every dollar coming into the industry is quickly felt by business owners and staff, and is directly related to a boost in local spending. I believe the opening of the borders is a positive step in the right direction, and will give further impetus to inbound travel to the country, which is much needed. • Basil M.K. Al-Ghalayini is the Chairman and CEO of BMG Financial Group. Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News" point-of-view