Saudi Press Agency (SPA) reported that the Red Sea Development Company’s board of directors has approved the masterplan of the Red Sea Project according to a company statement. The first phase of the project, set to be completed in 2022, includes 14 luxury hotels with over 3,000 rooms that will be built over five islands, in addition to two resorts in the mountains and Sahara areas. Argaam’s data show that upon the finalization of all phases, 22 islands will be developed (out of over 90 islands) and over 70,000 job opportunities will be created. The project is expected to drive economic diversification in the Kingdom by attracting around 1mn tourists per year and contributing SAR22bn to GDP.
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