Crown Prince Muhammed bin Salman, Chairman of the Board of Directors of the Public Investment Fund (PIF), has announced the launch of a huge tourism project that promises to be a turning point in the Kingdom's efforts to introduce schemes to attract tourists. The Red Sea project, as it is called, is part of the Kingdom's efforts to diversify its economic resources and realize the ambitious objectives of Saudi Vision 2030. Tourism has always played a significant role in a country's growth. Even advanced countries depend on the tourism industry as an essential contributor to economic growth. Therefore, the Red Sea project, as well as other touristic ventures recently announced by the Kingdom, is expected to give a major boost to the economy in the times to come. The project includes the building of attractive resorts across a lagoon of more than 50 natural islands extending between the cities of Umlaj and Al-Wajih. It is set on a site that is long known for its tourism potential. Numerous studies have been made by governmental bodies on Red Sea tourism, including exploiting its sunny beach front. Therefore, the Red Sea Project is very much part of the Kingdom's tourism and entertainment-related strategy. There are several success factors for the project. The PIF being the prime investor in the project will encourage international companies and investors to participate in it. The PIF has a long history of successful diversified investments aimed at enhancing the Kingdom's economy. It has various partnerships with the Saudi private sector supporting all projects that serve the interests of the nation and its citizens. Tourism and entertainment projects are known for their potential to create direct and indirect job opportunities. Hence the Red Sea project will also go a long way in fulfilling the aim of the Kingdom to create quality jobs for citizens.
