Saudi Arabia’s $500bn Red Sea project NEOM on track

December 14, 2018 1:47 pm


A delegation from the Red Sea Development Company, led by chief executive John Pagano, was received by King Salman bin Abdulaziz at Araqa Palace in Riyadh on Tuesday (December 11).

Mr. Pagano made a visual presentation at the palace on the master plan of the Red Sea Project, underlining its economic and development goals and the project’s objective to become a global destination for luxury tourism. Crown Prince Mohammed bin Salman, Chairman of the company, was also present.

Related Insights: Where does Saudi’s $500bn NEOM stand today?

Twenty-two islands on the Red Sea will be developed as part of the project that is expected to create an estimated 70,000 jobs. It will not just contribute SAR 22 billion ($5.94bn) to Saudi Arabia’s GDP, but play a major role in the Kingdom’s economic-diversification drive – a chief objective of Vision 2030 – by attracting approximately one million tourists per year.

The first phase of the project, scheduled to be completed in 2022, will include an airport, marinas, residential properties, recreational facilities and up to 3,000 hotel rooms.

Read: Egypt commits 1,000 sqkm in south Sinai to Saudi’s $500bn NEOM

King Salman lauded the delegates for planning a project that will propel Saudi Arabia to a prominent position on the global tourism map and create investment opportunities for the Saudi Arabian private sector – while simultaneously preserving the nation’s cultural and environmental heritage.

*Source: AETOSWire

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AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.



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