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2 August, 2017 00:00 00 AM
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Saudi Arabia to launch Red Sea tourism resorts

AFP

AFP, RIYADH: Saudi Arabia yesterday announced the launch of a massive tourism project that will turn 50 islands and a string of sites on the Red Sea coast into luxury resorts.

The plan is part of efforts to diversify the ultraconservative kingdom's oil-dependent economy following a slump in energy prices.

It covers more than 180 kilometres (112 miles) on Saudi Arabia's western coastline, stretching from Umm Lajj to Al-Wajh.

Initial investments will be provided by the Public Investment Fund before the project is opened to international investors, state news agency SPA reported.

Construction will begin in the third quarter of 2019 with a first phase that includes expanding a domestic airport and developing luxury hotels and housing, expected to be completed by the third quarter of 2022, it said.

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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