Riyadh – Mubasher: The Red Sea Development Company (TRSDC), which is responsible for overseeing the construction of the kingdom's Red Sea tourism project, on Tuesday announced that its board of directors approved the megaproject’s masterplan.
TRSDC, a wholly-owned subsidiary of the Saudi sovereign investor Public Investment Fund (PIF), has teamed up with the US-based WATG and the British firm Buro Happold to set up the project's plan.
Set to be finished by 2022, the project’s first phase will include 14 luxurious hotels with 3,000 rooms, in addition to two resorts, recreational facilities, airport, and infrastructure for facilities, according to the Saudi Press Agency (SPA).
“The design concepts that we have presented to the board will provide visitors with a uniquely diverse, immersive experience, while setting new standards in sustainable development, and positioning Saudi Arabia on the global tourism map,” the project’s CEO John Pagano stated.
The Red Sea project is a major part of Saudi Vision 2030, which aims to boost investments in the recreation sector and diversify economy sources away from oil revenues.
The project is forecast to provide 70,000 job opportunities, and to add SAR 22 billion to the GCC country’s gross domestic product (GDP).
The phases of the project are set to be completed by 2030.
