Saudi eyes tourism development with major Red Sea projectAugust 1, 2017 - 11:07 AMT PanARMENIAN.Net - Saudi Arabia plans to develop resorts on about 50 islands off the kingdom's Red Sea coast backed by its Public Investment Fund (PIF), Reuters reports citing a statement carried by state news agency SPA on Tuesday, August 1. The Red Sea Project, to be built between the cities of Amlaj and al-Jawh, will offer a nature reserve, diving in coral reefs and heritage sites. It will break ground in the third quarter of 2019 and complete its first phase in the fourth quarter of 2022. The PIF will make initial investments in the project and seek partnerships with international investors and hoteliers, the statement said, without elaborating on the cost of the project. The fund, chaired by Crown Prince Mohammed bin Salman, is believed to have assets totaling about $183 billion and is set to receive a cash infusion next year after the share sale of state oil giant Saudi Aramco. The crown prince has said more than half of the proceeds from that sale would be reinvested domestically to develop promising Saudi non-oil sectors. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |