The Red Sea Project Starts Construction

Time:2019-09-27 14:28:12

Arabian Business reported on August 17th that the construction work of Saudi Red Sea tourism project has been initiated on Coastal Village for the development of a residential and commercial area that will house the workers, staff and management of The Red Sea Project, as well as corporate offices, scheduled for completion by the second quarter of 2020. Saudi Arabia is seeking investments from private sector, the Public Investment Fund (PIF) has funded the first phase construction of the project, and The Red Sea Development Company (TRSDC) is contacting banks for further financing. Located beyond 500 km north of Jeddah, the Red Sea Tourism Project, between al-Wajh and Umluj, covers 90 islands with an area of 28,000 km2, comparable to Belgium's territory area, making it a luxurious and sustainable international tourist destination on the west coast of Saudi Arabia and one of the three major projects of PIF. The first phase of the project, scheduled for completion in 2022, includes an airport, yacht marinas, residential properties, entertainment facilities and hotels providing 3,000 rooms. The project will be fully completed in 2030, which will steer the development of 22 islands, is expected to create up to 70,000 new jobs and to contribute as much as 22 billion Saudi riyals ($5.86 billion) to the nation’s GDP. The development of islands and beaches along the Red Sea will help diversify tourism. For a long time, Saudi tourism has relied heavily on Muslim pilgrimages. 


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