Saudi Arabia’s Red Sea Development Company, which is building a mega tourism destination in the kingdom due to be completed by 2030, has said that the project will be open to visitors by early next year.
The mega project extending nearly 28,000 square kilometers will house approximately 50 resorts, 8,000 hotel rooms, and more than 1,000 residential properties across 22 island resorts and mountain and desert retreats.
The Red Sea Project is a regenerative tourism destination along Saudi Arabia’s west coast and one of three giga-projects announced by HRH Crown Prince Mohammad bin Salman bin Abdulaziz Al-Saud in 2017.
Collectively, the giga-projects will open new areas of economic activity, create jobs, cultivate entrepreneurial activity and drive economic development. By completion, the Red Sea Project will directly employ around 35,000 people and support an equivalent number of jobs in the wider community by creating opportunities for local businesses, entrepreneurs, and supporting industries.
The project has already completed its first development phase and has several milestones under its belt. The company has said that the first 16 hotels planned for this phase will also be open by 2023.
The Red Sea Project will have its dedicated airport. At the crossroads of Europe, Asia, and Africa, 250 million people will be within three hours of flying time. The Red Sea Project aims to be a year-round destination, the company said.
In January, Red Sea Development announced it had achieved financial close on its $3.76 billion (14.12 billion Saudi riyals) term loan facility and a revolving credit facility with a number of banks in the kingdom.
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