Saudi Arabia yesterday announced the launch of a massive tourism project dubbed “The Red Sea Project” that will turn 50 islands and a string of sites on the Red Sea coast into luxury resorts.
The plan is part of efforts to diversify the ultraconservative kingdom’s oil-dependent economy following a slump in energy prices.
It covers more than 180 kilometres (112 miles) on Saudi Arabia’s western coastline, stretching from Umm Lajj to Al-Wajh.
Initial investments will be provided by the Public Investment Fund before the project is opened to international investors, state news agency SPA reported.
Construction will begin in the third quarter of 2019 with a first phase that includes expanding a domestic airport and developing luxury hotels and housing, expected to be completed by the third quarter of 2022, it said.
Saudi Arabia aims to increase family spending on recreation and launch hundreds of recreation centres across the kingdom by 2020 as part of its Vision 2030 plan to reduce its dependence on oil.