Saudi Arabia is a prime location for all investors worldwide. New Saudi Giga Project is becoming a prime location for many investors. Red Sea Development includes the development of 16 hotels and 3,000 keys.
Investors from within the country and globally are showing “great interest” in becoming a part of Saudi’s Red Sea Development. According to the chief development officer behind the Saudi giga-project.
Nick King, CDO, The Red Sea Development Company:
One of the world’s most impressive regenerative tourism projects is switching “from very design-heavy, to delivery heavy, into production”.
Phase one includes the construction of 16 hotels and 3,000 keys. “The overall development one has 16 hotels and 3,000 keys. So it’s a large, complicated business of hotels, foundation and everything else that goes beside it, a golf course, golf dwellings, retail, a marina,” he said.
Project complete till 2023:
The “first few” hotels are done at the end of next year. The remaining open by 2023. The new airport is going to be made by the end of 2023.
Upon finish in 2030, the address will comprise 50 resorts, offering up to 8,000 motel rooms and around 1,300 private properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, amusement and leisure amenities.
King told investors interest in the kingdom is reliable. He said: “We see robust interest from investors to invest in the scheme. Events like this have not been available in the past within the kingdom, and so yes, I think there’s a great interest in being part of this.
“Also, we’ll be the first project that’s moving towards delivering on that 2030 Vision, and there’s a huge appetite in the kingdom to be part of that. There’s a pride here, and enthusiasm, but balanced with commercial realities, of wanting to participate in transforming the economy here, and transforming the image of Saudi Arabia to the world.”