RED-SEA-DEVELOPMENT-CO
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).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181213005406/en/
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.
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 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.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005406/en/
Contact:
The Center for International Communication, Ministry of Media, Kingdom of Saudi Arabia : Essam Al-Ghalib, +966595455467 cic@media.gov.sa Twitter: @CICSaudi
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
SEALING-SYSTEM26.4.2024 12:18:29 CEST | Press release
Sealing System launches: XIO – Intelligent Farming
TECNOTREE26.4.2024 10:47:33 CEST | Press release
Tecnotree Achieves Strong Q1 2024 Results with Sustained Revenue Growth and Enhanced Profitability
FLATEXDEGIRO-AG25.4.2024 20:20:33 CEST | Press release
flatexDEGIRO Starts Into Expected Record Year 2024 With a Jump in Revenues and Earnings
CA-OPENGATE-CAPITAL25.4.2024 19:15:32 CEST | Press release
OpenGate Capital Completes Sale of SMAC
FARCANA25.4.2024 17:41:30 CEST | Press release
Farcana Announces Gateway: Showdown - Playtest Kicks Off April 30th, with a 1,000,000 $FAR token prize pool!
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom