The first phase of The Red Sea Project will include hotels and residential units, an airport and related infrastructure, and a range of unique attractions, providing an ideal environment for partnerships with leading international investors. The number of hotel rooms and residential units which the project will ultimately deliver will be determined by the project's environmental parameters. The annual number of visitors will be capped to protect the unique environment and enhance the visitor experience.
Completion of phase one is anticipated by the last quarter of 2022.
The Public Investment Fund (PIF) of Saudi Arabia
PIF seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. As part of PIF's position as the engine behind economic diversification in Saudi Arabia, a number of giga-projects, which will support large-scale economic ecosystems, have been launched, of which The Red Sea Project is one.
Source: Saudi Press Agency