The Red Sea Development Company, a wholly-owned entity of Saudi Public Investment Fund (PIF) has unveiled the master plan of its mega luxury tourism project, which will see 22 islands being jointly developed as part of the project that is expected to create an estimated 70,000 jobs.
The kingdom's ambitious Red Sea project will see 22 islands being jointly developed to provide premium facilities for the coming tourists.
It 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.
The 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 in the presence of King Salman bin Abdulaziz at Araqa Palace in Riyadh on Tuesday.
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 comopany 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
Red Sea unveils masterplan for mega tourism project
Pagano with King Salman and Crown Prince Mohammed bin Salman.
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