Riyadh – Mubasher: Saudi Arabia stated that the international tourism Red Sea Project will increase its gross domestic product (GDP) by SAR 15 billion on an annual basis.
The Saudi Public Investment Fund (PIF) on Tuesday said that the project will achieve huge gains through providing about 35,000 jobs opportunities in line with the Kingdom’s Vision 2030.
The project’s coastline extends over 200 kilometres, with a total area of 34,000 square kilometres, and will be located on more than 50 natural islands between the cities of Al-Jawh and Amlaj, and a few kilometres away from the area of Harat Alrahat.
The first phase of the Red Sea Project will start in the third quarter of 2019, and will be completed by Q4-22.
The project will be implemented by the PIF and major global hotel companies will cooperate in developing the resorts of the project.
The Saudi General Authority for Statistics (GASTAT) said that the Kingdom’s GDP value at current prices levelled up by 10.12% in Q1-17 to SAR 642.145 million, compared to SAR 583.112 million SAR in Q1-16.
GASTAT revealed that the GDP in constant prices recorded SAR 642.963 million, dropping by 0.53%, compared to its value in the same period of previous year which stood at SAR 646.372 million.
