The team leading the construction of the Red Sea Project has briefed HRH King Salman of Saudi Arabia on the coastal development’s overall outline and its objectives to become a global tourism destination. The Red Sea project team was led by HRH Prince Mohammed Bin Salman Bin Abdulaziz, the Saudi Crown Prince and Vice President of the Council of Ministers, Minister of Defense, and chairman of the board of directors of Red Sea Development Company.
According to Saudi Press Office (SPA), the Phase 1 of Red Sea Project will be completed in 2022, will see the establishment of about 3,000 hotel rooms within its facilities, a dedicated airport, yacht berths, and residential and recreational facilities.
After all stages are completed, 22 islands out of more than 90 will reportedly be developed, with more than 70,000 jobs set to be created.
The development will also play an important role in driving the Saudi's economic diversification by attracting about one million tourists annually, contributing $5.9bn (SAR22bn) to the kingdom's gross domestic product.
Following the briefing, which took place at Arqa Palace in Riyadh, the Saudi King reportedly praised the project’s objectives, which will "put the kingdom on the world map of tourism and contribute to creating investment opportunities for the local private sector”, as reported by SPA.
Crown Prince Mohammed Bin Salman, also chairman of Saudi Arabia's Public Investment Fund announced the launch of the Red Sea project, a 34,000km2 tourism hub between the Umluj and Al Wajh cities, in August last year.
Launched in a bid to support the kingdom's Vision 2030 strategy, 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.