Mubasher: The Red Sea Collection, which is affiliated to Saudi Arabia's Public Investment Fund (PIF), represented by Saudi culture minister Badr bin Abdullah Al Saud has signed an agreement with Prince Albert II of Monaco.
The deal signed Friday is an "agreement of shared interests and objectives regarding sustainable development and conservation," PIF said in a statement.
Commenting on the signing of the agreement, Saudi culture minister and Prince Badr bin Abdullah Al Saud said the deal underscored the Red Sea Collection's commitment to create innovative, sustainable, and forward-thinking projects for the Kingdom.
"The pristine coral reefs, thriving marine life and untouched landscapes are what make this region so special, and The Red Sea Collection is committed to ensuring these features are given the utmost protection,” he added.
The deal signing took place during The Red Sea Collection’s sponsorship of the Monte-Carlo Gala for the Global Ocean. In 2017, the gala raised over $14 million for the Foundation’s marine conservation initiatives.
"The agreement will pave the way for an exchange of information and expertise to help safeguard marine biodiversity and protect coral reefs, as well as combat the growing problem of plastic pollution," PIF added in its statement.
Meanwhile, Nicholas Naples, CEO of Amaala, one of the Red Sea Collection's projects described the Monaco Yacht Show was "the perfect platform" to showcase the Red Sea Collection's upcoming offerings to the superyacht industry and seekers of ultra-luxury tourism in the Rea Sea.
