Business & Money | Thursday 13 December, 2018 2:07 am |

King Salman received a team from The Red Sea Development Company, led by CEO John Pagano, at Al-Yamama Palace in Riyadh on Wednesday
The team gave the king and Crown Prince Prince Mohammed bin Salman a progress report on the ambitious tourism and leisure project.
Pagano gave a presentation detailing the master plan for the Red Sea Project and its economic and developmental objectives, which aim to establish it as a leading global destination in the luxury tourism sector.
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 marinas, along with residential properties and recreational facilities.
By the time the project is completed, there will be 22 developed islands out of a total of 90 islands. It is expected to create 70,000 jobs and play a significant role in driving economic diversification in the Kingdom by attracting nearly a million visitors a year and contributing SR22 billion to the country’s GDP.
Following the briefing, the project team was congratulated by King Salman, who praised the project and its objectives to position the Kingdom on the global tourism map, create investment opportunities for local private-sector companies, and develop the country’s tourism industry while preserving the nation’s cultural and environmental heritage.