Launch of ‘The Red Sea’ project as an international tourist destination

10/08/2017

Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Chairman of the Public Investment Fund (PIF), announced the launch of an international tourism project in the Kingdom called “The Red Sea“.

  

Envisioned as an exquisite resort destination established across a lagoon of 50 untouched natural islands, The Red Sea will be situated on the site of one of the world’s last natural hidden treasures, between the cities of Umluj and Al Wajh, developed in partnership with the world’s leading hospitality firms.

Situated just a few kilometers from one of the Kingdom’s most diverse nature reserves and captivating dormant volcanoes in Harrat Al Rahat, The Red Sea promises to emerge as a blissful coastal island retreat set against a back drop of the ancient ruins at Mada’in Saleh, renowned for its beauty and historical significance.  

One million expected tourist guests per year by 2035

The Red Sea will serve as a center of the wellness movement and a showcase for a healthy, engaged and 2 vibrant society – all while setting new standards for sustainable development and environmental protection, which will be central to the development of the project. To ensure the conservation of the natural environment in accordance with the highest standards of ecological best practices the number of visitors annually will be capped, while the heritage sites in the region will be scientifically restored to welcome guests.

Ground breaking in 2019

The newly mapped semi-autonomous area will be governed by laws on par with international standards, with the initial ground breaking expected in the third quarter of 2019. While, completion of phase one of the project is anticipated by the last quarter of 2022, which will include the development of hotels and luxury residential units, as well as all logistical infrastructure – including air, land and sea transport hubs.

The Red Sea will be developed with seed capital from PIF, while partnerships with top-tier international companies will also be formed to ensure new direct investment into the Kingdom that will be redirected back into the country. Partnering with global companies for development competencies, experience and financial investments, this project will attract the world’s leading names in hotel and tourism operations, to bring about the next - generation of tourism in a way that will open The Red Sea to tourists, and provide unparalleled experiences for local, regional and global visitors alike while contributing to the Kingdom’s economic growth.

Source: Public Investment Fond (PIF)