Published on : Tuesday, August 1, 2017
Saudi Arabia aims to develop resorts on about 50 islands off the kingdom’s Red Sea coast backed by its Public Investment Fund (PIF). The Red Sea Project, to be built between the cities of Amlaj and al-Jawh, will come with a nature reserve, diving in coral reefs and heritage sites. It will be launched in the third quarter of 2019 and complete its first phase in the fourth quarter of 2022.
The PIF will make initial investments in the project seeking partnerships with international investors and hoteliers, without elaborating on the cost of the project. The fund is believed to have assets worth $183 billion and is set to receive a cash infusion next year after the share sale of state oil giant Saudi Aramco.
The fund is chaired by Crown Prince Mohammed bin Salman. He said that more than half of the proceeds from that sale would be reinvested domestically to develop promising Saudi non-oil sectors.