The Red Sea Development Company, a wholly-owned entity of Saudi Public Investment Fund (PIF), has unveiled the masterplan of its mega luxury tourism project, which will see 22 islands being developed to provide premium facilities for tourists as part of the project that is expected to create an estimated 70,000 jobs.
The ambitious Red Sea project will not just contribute SR22 billion ($5.86 billion) to Saudi Arabia’s GDP, but play a major role in the kingdom’s economic-diversification drive – a chief objective of Vision 2030 – by attracting approximately one million tourists per year.
Phase One of the project, scheduled to be completed in 2022, will include an airport, marinas, residential properties, recreational facilities and up to 3,000 hotel rooms, said its top official.
Red Sea Development Company CEO John Pagano was speaking at the visual presentation ceremony held recently in the presence of King Salman bin Abdulaziz at Araqa Palace in Riyadh.
He underlined its economic and development goals and the project’s objective to become a global destination for luxury tourism.
Crown Prince Mohammed bin Salman, chairman of the Red Sea Development Company, was also present at the meeting along with senior company officials.
King Salman lauded the team for planning a project that will propel Saudi Arabia to a prominent position on the global tourism map and create investment opportunities for the Saudi Arabian private sector – while simultaneously preserving the nation’s cultural and environmental heritage.
TradeArabia News Service