Richard Branson accepts role on Saudi city board

Richard Branson, founder of the Virgin Group, said on Thursday he has accepted a board position on large development projects in Saudi Arabia.

“I will invest. I’ve been asked to be on the board of one or two of your city projects – the Red Sea Project – and am delighted to accept,” he was quoted as saying during an investment conference in the capital Riyadh. 

The Kingdom announced on Tuesday NEOM, a $500 billion cross-border city development project on the Red Sea, along with tourism developments on a number of Red Sea islands.

During the Future Investment Initiative last week, the Public Investment Fund (PIF) has signed a non-binding memorandum of understanding (MoU) to invest approximately $1 billion into Branson’s Virgin Galactic, The Spaceship Company and Virgin Orbit, Argaam reported earlier.