The project will add over $5.86 billion to the GDP of the country when complete
Saudi Arabia’s Red Sea Development Company has announced a project to build 22 islands of the coast of the Red Sea, in the Kingdom.
The project is expected to add $5.86 billion to the Kingdom’s GDP and aims to create an estimated 70,000 jobs and attract on an average one million tourists per year.
The Red Sea Development Company, a wholly owned entity of the Saudi Public Investment Fund (PIF) will jointly develop the 22 islands to provide premium facilities for tourists.
Phase 1 of the project is scheduled for completion in 2022 and will include an airport, marinas, residential properties, recreational facilities and up to 3000 hotel rooms. John Pagano, CEO at Red Sea Development Company outlined the economic and development goals of the project and its objective to become a global destination for luxury tourism.
The project was unveiled on Tuesday at the Arqa Palace in Riyadh held in the presence of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman who is also the Chairman of the Red Sea Development Company, as well as other senior officials.
According to the official statement, King Salman praised 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 and develop the Kingdom’s tourism industry while preserving the nation’s cultural and environmental heritage
The project is expected to break ground in 2019.