The Red Sea Development Company has delivered a presentation to King Salman bin Abdulaziz al-Saud and Crown Prince Mohammed bin Salman bin Abdulaziz al-Saud in Riyadh on the upcoming Red Sea Project in the Western Region.
The first phase of the project, which is scheduled for completion in 2022, will include up to 3,000 hotel rooms, an airport, yacht marinas, as well as residential properties and recreational facilities.
Once all stages of the project are complete, there will be 22 developed islands of more than 90 islands, and 70,000 jobs created. The project is expected to attract nearly one million visitors every year, and contribute SR22bn ($5.9bn) to the kingdom’s GDP.
The briefing by the Red Sea Development Company was delivered on 12 December at the Arqa palace in Riyadh by John Pagano, CEO of the Red Sea Development Company. Prince Mohammed is the chairman of The Red Sea Development Company.
When the project was launched in 2017, construction work for the first phase was expected to start in the third quarter of 2019 and includes an airport, port, hotels, residential buildings, and other related infrastructure and facilities.