Dubai's Crown Prince attends diving event to celebrate launch of world's largest coral reef conservation project

On Thursday, Dubai's Crown Prince Sheikh Hamdan took part in a diving event to celebrate the launch of the Dubai Coral Reef Project, which will be the world's largest coral reef protection project.

The figurehead diving with the Crown Prince of Dubai that day was billionaire Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund.

The project aims to increase marine life eightfold and improve the livelihoods of fishermen, while promoting sustainable eco-tourism.

The Dubai Coral Reef Project will work to reduce carbon emissions and increase marine biodiversity. It is estimated that the reefs will be able to absorb seven million tons of carbon per year.

The project is said to cover an area of 600 square kilometers and plans to cultivate 400,000 cubic meters of coral reefs. It will operate on a public-private partnership model, with the government providing 10 percent of the funding.