SPA. SPA.

The chairman of Saudi Arabia's Public Investment Fund (PIF) announced the launch of The Red Sea, a 34,000km2 tourism hub between the Umluj and Al Wajh cities. 

Deputy Custodian of the Two Holy Mosques, Prince Mohammed bin Salman bin Abdulaziz Al Saud, launched the development in a bid to support the kingdom's Vision 2030 strategy, reports Construction Week Online

Hotel companies will be invited to develop resorts on more than 50 natural islands between Umluj and Al Wajh, state agency SPA reported.

The development will begin construction only in Q3 2019, with its first phase due for completion in Q4 2022. Hotels and luxury residences are expected to be developed under Phase 1. 

The project will create as many as 35,000 jobs “once it’s up and running” and contribute 15 billion riyals ($4 billion) to Saudi Arabia’s gross domestic product, according to the statement. 

Implementation of facilities and infrastructure, as well as transport services – including air, land and sea transport hubs – will also be completed by Q4 2022. 

According to the report, PIF will inject initial investments into the project, and establish partnerships with international companies to encourage new and direct investments to the kingdom.

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