Red Sea Development, a closed joint-stock company owned by the Public Investment Fund (PIF) of Saudi Arabia, has announced the construction of 22 islands off the coast of the Red Sea, in the Kingdom.
The project is expected to contribute $5.86bn to the GDP of the Kingdom, create around 70,000 jobs and provide premium facilities to attract one million tourists every year.
Phase 1 of the project, which will include an airport, marinas, residential properties, recreational facilities and up to 3,000 hotel rooms, is expected to be completed in 2022.
Unveiling the project at the Arqa Palace in Riyadh, Red Sea Development CEO John Pagano CEO outlined the economic and development goals of the project and its objective to become a global destination for luxury tourism.
He told King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, who is also the chairman of Red Sea Development, and other officials that by the completion of all stages of the project, there will be 22 developed islands of more than 90 islands.
According to an official statement, King Salman praised the team for planning a project that is expected to propel Saudi Arabia to a prominent position on the global tourism map, 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.
Pagano said that the project will play a key role in driving economic diversification in the Kingdom of Saudi Arabia by attracting visitors, and achieving a contribution of SAR22bn ($5.86bn) to the Kingdom’s GDP.
The project is expected to break ground in 2019.
Red Sea Development was established to drive the development of The Red Sea Project, an ultra-luxury tourism destination that is expected to set new standards in sustainable development and position Saudi Arabia on the global tourism map.
The project will be developed over 28,000km² on Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands and lagoons.
The destination also features canyons, dormant volcanoes, desert vistas and ancient cultural and heritage sites.
Image: Red Sea Construction to build 22 islands off Saudi coast. Photo: Courtesy of The Red Sea Development Company.