Read a message from our Chairman
The Red Sea region is one of the fastest growing developing markets in the world today. It is also one of the most under-invested. Our task at the Red Sea Foundation is to work with our global Board of Trustees and our other partners to actualize the enormous potential of this region to build a new growth engine for the global economy.
That potential is significant. According to data from the United Nations, the population of the twenty-eight countries that border the Red Sea or use it as their primary shipping corridor will double from 750 million today to 1.5 billion in 2050. The region includes some of the world’s fastest growing and most rapidly urbanizing economies. A report by the Brookings Institution indicates that the burgeoning middle class in the region is expected to increase by 150 percent from 137 million to 343 million in the next 35 years.
A 2013 study by the World Economic Forum, “Enabling Trade: Valuing Growth Opportunities”, suggests that increasing trade facilitation measures to a level equivalent to 50 percent of global best practice would enhance GDP in the region by as much as 12 percent, increase imports by up to 55.3 percent and exports to 63.1 percent. Applied to the Red Sea market, those data equate to an increase in regional GDP of more than USD200 billion by 2020 and an increase in trade of almost USD400 billion.
I thank you for your interest and encourage you to contact the foundation and find out how you can get involved.
Fahd Al Rasheed
Chairman, Red Sea Foundation