Riyadh-Mubasher: A non-profit entity named ' Red Sea Foundation' was established to promote international cooperation and develop policy recommendations, said Fahd Al Rasheed, CEO of King Abdullah Economic City.
He added that the development of a trade facilitation framework for the Red Sea region is essential for the sustainable development of the largest emerging market in the world.
The new entity will raise awareness of the region's potential and advocate the necessary policy initiatives to drive development.
The foundation, to be based in Geneva, will comprise a global advisory board of policy makers, business leaders and relevant subject matter experts. It will also include an operational staff that will research, formulate and promote policy recommendations.
