The Saudi Red Sea Authority (SRSA) has announced that it has signed a co-operation agreement with the Insurance Authority to launch insurance products that cover risks associated with all coastal tourism activities through local insurance companies.

 

This initiative aims to enhance the appeal of coastal tourism, attract participants in navigational and marine tourism activities, and strengthen local content in alignment with Saudi Vision 2030, said a statement from SRSA.

 

The agreement was signed by SRSA CEO Mohammed Al Nasser and Insurance Authority CEO Engineer Naji Al Faisal Al Tamimi.

 

The Insurance Authority is similarly committed to fostering industry growth and development by co-ordinating with other government entities to enhance its activities through a range of innovative insurance products that stimulate and protect investments.

 

In partnership with the Insurance Authority, SRSA held a series of meetings with insurance companies to develop these products, aiming to enhance the appeal of navigational and marine tourism activities—including sailing, kayaking, water skiing, diving, boating, and surfing—to better serve practitioners' needs.

 

The launch of these insurance products aligns with SRSA's mandate to promote navigational and marine tourism, providing a comprehensive tourism experience and establishing a model infrastructure that attracts investment in the sector, said a SRSA spokesman.

 

SRSA began its efforts to build and regulate the coastal tourism sector in 2021, with objectives that include enhancing integration among relevant entities by issuing licenses and permits, developing policies and strategies as well as determining infrastructure requirements.

 

It efforts also included preserving the marine environment, enabling small and medium-sized enterprises (SMEs) and promoting navigational and marine tourism activities, thereby adding value to the national economy.-TradeArabia News Service