The Red Sea Development Company’s board of directors has approved the masterplan of the Red Sea Project, Saudi Press Agency (SPA) reported, citing a company statement.
The masterplan was designed by leading consulting firms, including Wimberly Allison Tong & Goo (WATG) and BuroHappold Engineering.
The first phase of the project, set to be completed in 2022, includes 14 luxury hotels with over 3,000 rooms that will be built over five islands, in addition to two resorts in the mountains and Sahara areas.
It will also include a yacht dock, entertainment facilities, an airport, as well as finishing utility infrastructure.
The master plan, which was revised several times, ensures that 75 percent of the islands will be protected and nine islands will be registered as sites with high environmental value in order to protect the lifecycle of endemic living organisms at risk of extinction, the statement said.
“Now that the master plan is approved, we are working on listing the investors and partners willing to work on achieving the project’s objectives, and joining the company in its commitment to promote - not exploit - the natural environment, which makes the project a unique destination,” CEO John Pagano said.
According to data compiled by Argaam, upon the finalization of all phases, 22 islands will be developed (out of over 90 islands) and over 70,000 job opportunities will be provides. The project is seen to drive economic diversification in the Kingdom by attracting around 1 million tourists per year and contributing SAR 22 billion to the Kingdom’s gross domestic product (GDP).
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