Saudi Arabia’s wealth fund to launch offshore tourism project ‘THE RIG’
Category: #headlines  By Mateen Dalal  Date: 2021-10-18
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Saudi Arabia’s wealth fund to launch offshore tourism project ‘THE RIG’

One of the world’s largest sovereign wealth funds, Public Investment Fund has recently announced plans for a tourism project called “THE RIG”, which includes building a 150,000 square meter resort in the Arabian Gulf on an oil rig platform.

The project will feature 3 hotels, 11 restaurants, 800 rooms, a water slide, a roller coaster, a go-cart arena, a ferris wheel and multiple helipads. Tourists will also be able to enjoy extreme sports like bungee jumping and scuba diving at the location.

However, the project cost has not yet been disclosed. The PIF has assessed the assets of around $500 billion and intends to have $1.07 trillion in assets under management by 2025, and $2 trillion by 2030.

According to PIF, this would be the world’s first tourism destination on an offshore platform since 2010, the Seaventures Dive resort has worked a hotel on a decommissioned oil rig in the Celebes Sea, Malaysia.

THE RIG is part of the PIF's plan to improve Saudi Arabia's tourism and entertainment sectors from 2021 to 2025. The Kingdom of Saudi Arabia's Vision 2030 initiative intends to diversify its economy and lessen its reliance on oil revenue.

For the record, TRSDC (The Red Sea Development Company), Alsoudah Development Company, and the Cruise Saudi Company are just a few of the projects and enterprises that PIF has developed around the nation.

The Red Sea project, planned by TRSDC, is a premium tourism destination that would span 28,000 square kms along Saudi Arabia's west coast and contain a huge archipelago of more than 90 islands. Mountain canyons, historic cultural and dormant volcanoes, and heritage monuments may all be found in the area.

The vast development will feature hotels, residential buildings, recreational, business and entertainment services, as well as supporting infrastructure that emphasizes renewable energy and water conservation and reuse.

Source Credit: https://gulfbusiness.com/saudi-wealth-fund-pif-announces-oil-platform-themed-tourism-project-the-rig/

 

 

 

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About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

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