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, that will see 22 islands being jointly developed within the project that’s likely to create around 70,000 jobs.
The kingdom’s ambitious Red Sea project will dsicover 22 islands being jointly developed to supply premium facilities for the coming tourists.
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It won’t just contribute SR22 billion ($5.86 billion) to Saudi Arabia’s GDP, but play a significant role in the kingdom’s economic-diversification drive – a chief objective of Vision 2030 – each year by attracting approximately one million tourists.
The Phase Among the project, scheduled to be completed in 2022, includes an airport, marinas, residential properties, recreational facilities or more to 3,000 resort rooms, said its top official.
Red Sea Development Company CEO John Pagano was speaking at the visual presentation ceremony held in the current 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 global destination for luxury tourism.
Crown Prince Mohammed bin Salman, Chairman of the Red Sea Development Company, was present at the meeting alongside senior comopany officials also.
King Salman lauded the team for planning for a project which will propel Saudi Arabia to a prominent position on the global tourism map and create investment opportunities for the Saudi Arabian private sector – while preserving the nation&rsquo simultaneously;s cultural and environmental heritage.-TradeArabia News Service