The Red Sea Project in Saudi Arabia, one of the three major investment projects detailed in the Saudi Vision 2030, is building the future of Saudi Arabia. This $17 billion project is expected to contribute $5.3 billion to the GDP of Saudi Arabia and create 70,000 induced, direct and indirect job opportunities.
Though launched 6 years ago, the Red Sea Project has become a go to destination for global companies entering the Saudi business market and tapping the one trillion dollar market of Saudi Arabia.
The Red Sea Project Saudi Arabia, located on the west coast of the country spans over an area of 20,000 square kilometres between the Umluj and Al Wajh and covers 6 inland locations and 22 islands.
The Red Sea project which mainly has 3 islands, called Ummahat Island, Shurah island, and Shybarah Island are great areas of construction and development projects, and are an ideal place for global investment.
The Six Senses Southern Dunes, Desert Rock, Turtle Bay Villas, and Townhouses, etc. are the famous tourist destinations in the Red Sea destination. These areas are not only beneficial for the construction firms, but also provide value to other industries which are left to be explored.
Curious to know about the Red Sea project in Saudi Arabia? Then read this blog which discusses in detail about the investment opportunities in the Red Sea project across various sectors like high end hospitality services, renewable energy solutions, entertainment, infrastructure, etc.
So let’s get started!
What is the Red Sea Project and What are its Objectives?
Saudi Arabia Red Sea project, one of the major projects of Saudi Arabia, would be the ideal location for global investors to make large investments in the country. It would be an ideal place, where sustainability, luxury and innovations meet together to redefine the modern development processes. It is an ambitious project of Saudi Arabia to make maximum utilisation of the latest models in tourism and development and walk on the path of modernization by delivering the project which enhances the well being of environment, communities, and customers.
The project works by complying with the principles of sustainable development stressing the importance of renewable energy and water conservation.
The three main objective of the Red Sea Saudi Arabia is
- Attract domestic and international travellers by constructing a world class resort which brings in new opportunities for the Kingdom of Saudi Arabia.
- Contribute heavily to the economy of Saudi Arabia by unlocking new sectors and opportunities
- Creation of educational and economic opportunities for the young generation of the country
Red Sea Project KSA: Opportunities for Entertainment Sector
The Red Sea project in Saudi Arabia proves ample opportunity for entertainment companies to contribute to the cultural and recreational development of the country by focusing on cultural events, exhibitions, festivals, and this will surely help to highlight the natural beauty and cultural heritage of the region.
Many companies are contributing to the development of the Red Sea project and the exciting one among them is the partnership between Red Sea Global and the Saudi Climbing and Hiking Federation. The main aim of this partnership is the promotion of the Red Sea as a hub of adventurous activities like the climbing competitions, festivals, hiking competition, etc.
Almosafer, a leading travel company in Saudi Arabia also collaborates with Red Sea Global for entertainment based activities. The main aim of this partnership is the promotion of luxury tourism in Saudi Arabia, by creating profound and high end travel packages, which aims to cater personalised and memorable tourist experiences in the country.
The Saudi Arabia island project on the Red Sea provides a goldmine of opportunities in the Kingdom to develop and manage several entertainment activities and platforms like music halls, theatres, and other performance spaces.
By the integration of innovation and technology in the luxury tourism of Red Sea project in Saudi Arabia, the country aims to provide an exceptional tourism experience to the guests. From virtual tours of the Red Sea underwater ecosystem, AR-enhanced guided tours of historical and cultural sites, and interactive art installations, the guests would have a great entertainment experience.
Growth Opportunities for Infrastructure Development and Clean Energy
The Red Sea project also provides enormous growth opportunities for the growth of the supply chain in the country. And this will surely create more partnership opportunities like the one between Red Sea Global and NAQEL Express by SPL for logistics services. This deal will surely help the Red Sea Global to build logistics and infrastructure and ensure the ease of transportation of goods and services in the development area of Red Sea.
The rising demand for distribution centres, warehouses, and other logistics related infrastructure provides huge opportunities for construction companies specialising on commercial and industrial projects. So international companies can make a huge benefit by providing essential project management skills, technical skills, and specialised construction services required to meet the high standards of these projects.
Also the installation of solar energy will help the area to be powered by renewable energy sources including wing energy. Already the region has 5 solar farms with 760,000 photovoltaic panels taking the first step towards clean energy.
The Red Sea aims to become a hub for green investments and is building the world’s largest solar microgrid.
Red Sea Project - A Hub for Luxury Hospitality Experiences
Red Sea project KSA is going to be an attractive hub for hospitality industries, particularly those focusing on luxury wellness, innovative technology, high end residential experiences, etc.
By 2030, the Red Sea project aims to offer 8000 hotel rooms, 1300 residential properties, etc so that there comes a maximum utilisation of white space opportunities by global construction companies. Popular hospitality brands have already come to the Red Sea and have started their businesses. This is crucial for the overall development of the country, as more and more infrastructure development are taking place to ease the business journey of foreign clients.
Utilising Cutting Edge Technology for Efficient Economic Growth
The use of modern technologies creates new opportunities for the growth for IT companies in the country in addition to the development in the hospitality industry. Recent collaborations between multi tech companies highlight the strategic potential in the tech sector in the Kingdom.
The collaboration between the tech companies has led to the introduction of eco-friendly mobility solutions at the luxury resorts in the area. Companies which are focusing on providing autonomous driving software, Machine Learning, and Artificial Intelligence have a great scope for the development and integration of these into the mobility solutions of the Red Sea Project.
The integration of V2I communication technologies where the vehicles continuously interact with the infrastructure of roads provides an ocean of opportunities for the firms focusing on Internet of Things (IOT) and provide smart city solutions. Also many other collaborations of Red Sea Global focus on the development of marine ecosystem mapping technologies. So it’s a huge opportunity for the companies focusing on Artificial Intelligence, big data and remote sensing technologies which can provide great insights on marine data.
Equally crucial is Red Sea Global’s collaboration with a telecom tower company which aims to build telecom towers in the Ummahat Island. These towers provide high speed and relatable connectivity by blending up with the natural surrounding of the island. With the introduction of such advanced telecom structures, the digital experience for the guest can be improved. By the development of mobile apps, digital concierge services and other Virtual Reality applications, the IT companies make use of the development of telecom infrastructural development.
Conclusion
The Red Sea Project in Saudi Arabia is a huge project of the country to change the economic and development sphere of the country. It offers huge opportunities for businesses and investments and dive into the vibrant market of the country.
Hope this blog provided you with all the details of the famous Red Sea Project Saudi Arabia. Feel free to reach out to us, if you have any query regarding the topic discussed in this blog. Also write to us how you feel after reading this blog. Was this blog useful? Write to us. Also contact us for any professional assistance regarding business setup in Saudi Arabia and the Red Sea Project.
- FAQs
Frequently Asked Questions
If your question is not addressed here, please feel free to reach out to us. We value your inquiry.
What is the status of the Red Sea Project?
The Red Sea Project is still on its working status and would be completed by 2030.
Who owns the Red Sea Project?
The Public Investment Fund of Saudi Arabia owns the Red Sea Saudi Arabia project.
Who is the CEO of Red Sea Project?
John Pagano is the founder of Red Sea Project in Saudi Arabia.
Where is the Red Sea project in Saudi Arabia?
The Red Sea construction Saudi Arabia is located on the west coast of Saudi Arabia within a 28,000 km2 area. To be precise it is located in the Tabuk province between the cities of Umluj and Al-Wajh. This area covers an area of more than 90 unspoiled offshore islands, beaches, mountains, volcanoes, and beaches.
Is NEOM part of the Red Sea Project?
Yes, the NEOM is part of the Red Sea project, the ambitious project of Saudi Arabia.
