The Saudi Public Investment Fund (sovereign fund) has announced the launch of a new tourism project named "THE RIG," located on the Arabian Gulf, covering an area of more than 150,000 square meters. The fund did not specify the value of the project or the investments that will be injected into the new project in the statement released today, Saturday. The project will be built on platforms inspired by offshore oil rigs and is expected to attract numerous tourists from around the world, particularly citizens and residents of Gulf countries, to experience an exceptional tourism adventure, according to the statement.
The Public Investment Fund is the main driver of Saudi Crown Prince Mohammed bin Salman's economic transformation plans in the Kingdom and manages a portfolio of assets exceeding $400 billion. The project will offer a variety of tourism options, including three hotels, a range of international restaurants, helicopter landing pads, and various activities and adventurous sports. The Public Investment Fund has established and supported numerous projects and companies in different areas to enhance the Kingdom's efforts to become a leading tourist destination on the global tourism map, such as the Red Sea Development Company, AlUla Development Company, and Saudi Cruise Company.
