Project will create 70K jobs and grow GDP by SAR 22bn
A delegation from the Saudi Arabia’s Red Sea Development Company, led by Chief Executive John Pagano, was recently received by King Salman Bin Abdulaziz Al Saud at the Araqa Palace in Riyadh.
Also present on the occasion was Crown Prince Mohammed Bin Salman Al Saud, Chairman of the Company, was also present.
Pagano made a visual presentation at the palace on the master plan of the Red Sea Project, underlining its economic and development goals and the project’s objective to become a global destination for luxury tourism.
Twenty-two islands on the Red Sea will be developed as part of the project that is expected to create an estimated 70,000 jobs. It will not just contribute SAR 22bn (US$ 5.9bn) to Saudi Arabia’s GDP, but play a major role in the Kingdom’s economic-diversification drive, a chief objective of Vision 2030, by attracting approximately one million tourists annually.
The first phase of the project, scheduled to be completed in 2022, will include an airport, marinas, residential properties, recreational facilities and up to 3,000 hotel rooms.
King Salman lauded the delegates for planning a project that will propel Saudi Arabia to a prominent position on the global tourism map and create investment opportunities for the Kingdom’s private sector, while simultaneously preserving the nation’s cultural and environmental heritage.
