King Salman bin Abdulaziz received a team from The Red Sea Development Company, led by CEO John Pagano, at Al-Yamama Palace in Riyadh on Wednesday, and was briefed on the project’s latest developments.
The team delivered to King Salman and Crown Prince Mohammed bin Salman a progress report on the ambitious tourism and leisure project. Pagano, for his part, gave a presentation detailing the master plan for the Red Sea Project and its economic and developmental objectives, which aim to establish it as a leading global destination in the luxury tourism sector.
King Salman positively reviewed the project, which is expected to transform Saudi Arabia into one of the world’s hottest tourist attractions and to create investment opportunities for the local private sector. Developing the country’s tourism sector will take place while preserving the cultural and environmental heritage of the Kingdom.
Under the developed master plan, the first phase of the project, scheduled for completion in 2022, will include up to 3,000 hotel rooms, an airport to serve the destination, and yacht marinas, as well as residential properties and recreational facilities.
Upon completion, the project would have seen the development of 22 islands and the creation of 70,000 jobs. The project will play a significant role in boosting economic diversification in the Kingdom by attracting nearly one million tourists yearly, logging an estimated contribution of SAR 22 billion to the national GDP.
