For the first time, The Saudi Red Authority (SRSA) has partnered with the Insurance Authority to grant licenses for six tourist yacht agents in Saudi Arabia as the next step in the Saudi Vision 2030 to create a thriving coastal tourism sector in Saudi Arabia.
In an effort to regulate maritime and tourist activities, acknowledge infrastructure needs, and promote investment in Saudi Arabia, the regional and international companies to receive licenses from SRSA include Faisal M. Higgi & Associates Co. Ltd., Yusuf bin Ahmed Kanoo, Hill Robinson, JLS Yachts LLC, GAC, and HASCO Group.
The Saudi Red Sea Authority is a government entity formed in 2021 to build and regulate the coastal tourism sector in Saudi Arabia. Over the past three years, SRSA has enhanced integration between the relevant parties through issuing licenses and permits, developing requisite strategies and policies, adding safeguards to preserve the marine environment, and determining the requirements for marine infrastructure.
In September 2024, The Saudi Red Sea Authority (SRSA) and The International Council of Marine Industry Associations (ICOMIA) have agreed on a new strategic alliance in an effort to boost the region’s coastal tourism sector.
Through the newly formed partnership, ICOMIA plans to work toward this goal with SRSA by establishing connections with the global recreation boating industry, providing technical insight, and offering access to specialist training and development.
In other recent developments, the SRSA has set tourist goals for Saudi Arabia, as a recently published report “Investing in Coastal Tourism” revealed the Kingdom’s plans to attract 19 million visitors and create over 200,000 jobs by 2030, emphasizing the role marine tourism plays in this respect as the plans also plan on contributing approximately SAR85 billion (US$22.64 billion) to GDP by 2030
Finally, marina and cruise terminal codes were put into place. SRSA introduced four industry-specific codes to improve the coastal tourism infrastructure: the Marina Planning and Design Code, the Cruise Terminal Planning and Design Code, the Marina Operations Code, and the Cruise Terminal Operations Code.