As we tackled before the vision and the goals of Saudi Arabia 2030 and the national transformation program 2020 to promote real estate investment and boost the Saudi economy, now we are going to talk about the Red Sea project that is considered as one of the main objectives for economic development and diversity.
According to the announcement of Saud bin Khalid Faisal – the deputy governor prince of Al-Madinah Al-Munawarrah – the declaration of Mohammad Bin Salman Al Saud, the deputy of the custodian of the two holy mosques and the chairman of the board of directors of the public investment fund, to proceed the Red Sea project is a vital step to revive the Saudi economy.
The project aims to transform over 50 islands and privileged sites on the Red Sea to a large touristic resorts. It is planned that the project will be along 180 kilometer between Amlag and Wagha cities on the west coast of the Kingdom. Besides, the first phase of the construction will start in the third quarter of 2019 to be finished in the third quarter of 2022. The main goal of the project is to change the concept of tourism and make a radical change to have lots of tourists and a variety in the income; not only depending on petroleum.
Not only that but also it is expected to expand the airport and build hotels and residential units that suit all the needs.
So, if you search for a successful real estate investment, Saudi Arabia will be the best for you.