Saudi Arabia Plans a Huge Red Sea Beach Tourism Project
- Project will be developed by the sovereign wealth fund
- Groundbreaking expected in 2019, first phase by end of 2022
This article is for subscribers only.
Saudi Arabia wants to turn hundreds of kilometers of its Red Sea coastline into a global tourism destination governed by laws “on par with international standards” as part of its plan to transform the economy and reduce its reliance on oil.
The project will cover 50 islands and 34,000 square kilometers -- an area bigger than Belgium -- between the cities of Umluj and Al Wajh to attract “luxury travelers from around the globe,” according to an official statement sent to Bloomberg on Tuesday. It will be developed by the kingdom’s sovereign wealth fund, with the first work expected in two years.