Red Sea Global Set to Invest In Tourism Industry by 2024.

Red Sea Global's Interest In Tourism Industry

Red Sea Global, a subsidiary of Saudi Arabia's sovereign wealth fund, the PIF, is set to invest $20 billion in the country's tourism industry by 2024. The company has already spent $5 billion on developing two new tourist destinations, the Red Sea Project and Amaala, and will invest an additional $15 billion to open 24 resorts, providing over 4,200 hotel rooms.

The Red Sea Project and Amaala are part of Saudi Arabia's Vision 2030 programme, which aims to diversify the country's economy and reduce its reliance on oil. The tourism sector currently contributes 3.4% to the country's GDP, and the new developments are expected to boost this figure significantly.

Red Sea Global's CEO, John Pagano, believes that there is a lot of potential to further grow the tourism industry in Saudi Arabia. He says that the new resorts will provide high-end accommodations and experiences that will appeal to both domestic and international travellers.

Will Offer Visitors A Luxury Experience

The company's first hotels are set to open this year at the Red Sea Project and Amaala. These new destinations will offer visitors a range of attractions, including luxury hotels, cultural experiences, and outdoor activities such as diving and hiking. The Red Sea Project will also include a new airport, making it easier for tourists to access the area.

The investment in Saudi Arabia's tourism industry is part of a broader trend across the Middle East as countries look to diversify their economies and reduce their dependence on oil. Dubai, for example, has become a major tourist destination in recent years thanks to its luxurious hotels and shopping malls.

Red Sea Global offers high-end experiences and world-class facilities, positioning itself at the forefront of a rapidly growing sector. If successful, this investment could help transform the country's economy and create new opportunities for businesses and individuals alike.