The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, with the attendance of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Vice President of the Council of Ministers, Minister of Defense and the Chairman of The Red Sea Development Company, received a team from The Red Sea Development Company led by Mr. John Pagano, the CEO of the company on Tuesday, (12 December 2018), at ARQA palace in Riyadh.
Mr. Pagano delivered to His Majesty a visual presentation on the master plan of the Red Sea Project and its economic and developmental objectives to become a global destination in the luxury tourism sector. Under the developed master plan, the first phase of the project, scheduled for completion in 2022, will include up to 3,000 hotel rooms, an airport to serve the destination, and yacht marinas, as well as residential properties and recreational facilities.
By completion of all stages of the project, there will be 22 developed islands of more than 90 islands, and 70,000 jobs created. The project will play a significant role in driving economic diversification in the Kingdom of Saudi Arabia by attracting nearly one million visitors every year, and achieving a contribution of SAR 22 billion to the Kingdom’s GDP.
Following the reception, the Red Sea Project team was honored by the Custodian of the Two Holy Mosques, who praised the project's plan to position the Kingdom on the global tourism map, create investment opportunities for the local private sector, and develop the Kingdom’s tourism industry while preserving the nation’s cultural and environmental heritage.