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Virgin's Branson says he accepts Saudi city board role

Reuters
FILE PHOTO: Virgin Group founder Richard Branson speaks at a press event in Sydney, September 9, 2015. REUTERS/Jason Reed/File Photo (Reuters)

RIYADH (Reuters) - Virgin Group's Richard Branson 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 – your Red Sea Project – and am delighted to accept," he told an investment conference in the capital Riyadh.

Saudi Arabia announced on Tuesday a $500 billion cross-border city development project on the Red Sea. The kingdom also plans tourism developments on a number of Red Seea islands.

(Reporting by Katie Paul, writing by Alexander Cornwell)