Phase 1 of Saudi's The Red Sea to complete in Q4 2022
Ground will be broken on the 34,000sqkm tourism development in Q3 2019, with seed funding to be provided by the kingdom's Public Investment Fund
The chairman of Saudi Arabia's Public Investment Fund (PIF) announced the launch of The Red Sea, a 34,000km2 tourism hub between the Umluj and Al Wajh cities.
Deputy Custodian of the Two Holy Mosques, Prince Mohammed bin Salman bin Abdulaziz Al Saud, launched the development in a bid to support the kingdom's Vision 2030 strategy.
Hotel companies will be invited to develop resorts on more than 50 natural islands between Umluj and Al Wajh, state agency SPA reported.
Ground will be broken for the development in Q3 2019, with its first phase due for completion in Q4 2022.
Hotels and luxury residences are expected to be developed under Phase 1.
Implementation of facilities and infrastructure, as well as transport services – including air, land and sea transport hubs – will also be completed by Q4 2022.
According to the report, PIF will inject initial investments into the project, and establish partnerships with international companies to encourage new and direct investments to the kingdom.
The funding model will also "attract and redirect Saudi tourism expenses into the kingdom", the report continued.
The Red Sea project will be governed by independent laws and a regulatory framework developed and managed by a private committee, on par with international standards, SPA added.