Red Sea Development Company, one of the most ambitious tourism projects, has announced the allocation of over 10 billion riyals for the establishment, operation and management of the assets to be developed in the first phase of the Red Sea project, confirming that it is in the process of negotiating with a number of major brands in the sector Luxury tourism that is expected to participate in the development of this destination.
Saudi Arabia plans to turn its capital Riyadh into one of the most livable cities in the world, according to the plan announced by the Kingdom to invest 86 billion Saudi riyals ($ 23 billion) through four projects to beautify the capital.
Red Sea Development Company has received the approval of its board of directors on the Red Sea Project, one of the most ambitious tourism projects in the world. The project outline, co-developed by WATG and Buro Happold, has been designed by a group of leading engineering consulting firms in the world.
Saudi Arabia announced the last year 2018, a large number of projects, the most important of which is NEOM; the new technology-intensive city of $ 500 billion, in addition to Al Qiddiya, The Red Sea coast project and Amala.
Project location in Medina / Governorate: Al-Masjid al-Haram
Owner: Ministry of Finance
The total area of the project: 72000 square meters