Mohammed Bin Salman, Saudi Arabia’s Under Crown Prince has introduced a new global tourism project that focuses on boosting tourism circuit near the Kingdom’s Red Sea coasts.
The Red Sea project will include the development of an airport, a port, hotels and luxury residences, other facilities and infrastructure and transportation services. The project is planned to cover 34,000 square kilometers of Saudi coasts and islands. As per the Saudi Press Agency (SPA), the new project will be funded by the Saudi Public Investment Fund (PIF) and will be developed in accordance with international standards.
The project comes in accordance with the Saudi Vision 2030 national transformation project, which targets the diversification of the economy to include sources of income other than oil revenues. The foundation will be laid in the third quarter of 2019 and the first phase will be completed in the last quarter of 2022.
“The PIF will inject initial investments into this project and open partnerships with leading international companies, which will bring new and direct investments to the Kingdom while seeking to attract and redirect Saudi tourism expenses into the kingdom. The project will attract the world’s leading names in the tourism and hospitality sectors to harness its expertise, competencies and financial investments to enrich the experiences of this destination, provide more value to its visitors and maximise the economic gains of the Kingdom,” the statement added.