Red Sea Global, the developer behind two regenerative tourism destinations in Saudi Arabia, is calling for urgent investment and innovation in the sector.
The company has released a new report in partnership with the Prince Albert II of Monaco Foundation and the Future Investment Initiative (FII) Institute, a non-profit organisation run by Saudi Arabia’s sovereign wealth fund.
Titled Unlocking Innovation for Regenerative Tourism, the report reveals that rising consumer demand for eco-conscious travel far outpaces the industry’s capacity to develop and deliver regenerative tourism experiences.
Valued at $2.5 trillion and expected to double by 2030, regenerative tourism goes beyond sustainability, aiming to contribute to the restoration and enhancement of destinations and their local communities.
“At Red Sea Global, we believe that tourism can be a powerful force for good,” said Raed Albasseet, group chief environment and sustainability officer at Red Sea Global.
“This report underscores the urgent need to unlock innovation and investment in regenerative practices.
“Our own regenerative tourism efforts demonstrate that it is possible to create thriving destinations that also protect and enhance the environment.”
Rising demand for eco-conscious travel
Per the report, 43 percent of global travellers are willing to pay more for sustainable stays, but there are currently limited options.
Also, 58 percent of investors cite a lack of confidence or data to fund regenerative tourism.
Additionally, nearly a third of hospitality leaders agree that innovation in the sector is in need of funding to support growth at scale.
Penny Richards, CEO of the FII Institute, said: “Innovation today will define the tourism industry of tomorrow and I urge investors, policy makers and innovators to look carefully at the findings of this groundbreaking report.”
Olivier Wenden, vice chairman and CEO of the Prince Albert II of Monaco Foundation, added: “The findings from this report provide a roadmap to protecting biodiversity and advancing the sustainable use of ocean resources.”
The report provides a clear call to action for public and private stakeholders, which includes raising awareness among investors, engaging hospitality institutions to drive adoption, and advocating for stronger regulation.
Images courtesy of Red Sea Global
