The Red Sea project, launched in 2017 and owned by the Saudi Public Investment Fund (PIF), spans a vast 28,000 square kilometres along the Red Sea coast—an area nearly the size of Belgium. The development includes an archipelago of 90 islands and promises to introduce travellers to pristine beaches and luxurious accommodations amid untouched natural landscapes. As part of Saudi Arabia’s broader efforts to diversify its economy and attract high-end tourists, this project is anticipated to draw hundreds of thousands of visitors annually upon completion. In line with these goals, Red Sea Global aims to have 24 luxury resorts fully operational by the end of 2025. The kingdom is also pursuing additional resort developments across the Red Sea coastline, including in the green mountain areas in the south, near the Yemen border. In addition to the Red Sea, Red Sea Global is focusing on Amaala, a wellness-centred luxury destination poised to feature 29 hotels. To finance Amaala’s construction, Red Sea Global plans to secure $3.7 billion in 2025, adding to its expanding financial resources. With this investment, Amaala aims to cater to tourists seeking wellness-focused experiences, enhancing Saudi Arabia’s appeal among luxury travellers. Saudi Arabia’s tourism sector has witnessed substantial growth, with the number of visitors expected to soar from 109 million in 2023 to 150 million by 2030. To support this trajectory, the kingdom has earmarked close to $1 trillion for tourism developments over the next decade. The recent developments align with PIF’s vision to boost domestic investments, with a recent announcement to shift its portfolio focus from 30% international to 18% over the coming years, aiming for more concentrated growth within Saudi Arabia.   For registration as a supplier: https://www.redseaglobal.com/en/vendor-registration   (ICE RIYADH)

Fonte notizia: Construction Week