Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, announced on its site on October 16 the launch of “THE RIG,” which it said would be the world’s first tourism destination on offshore platforms.
The fund, the engine of Crown Prince Mohammed bin Salman’s economic transformation plans for Saudi Arabia, manages a portfolio worth $400 billion.
It added in a statement that the project was located in the gulf and spanned an area of more than 150,000 square meters.
The project would feature several attractions, including three hotels, restaurants, helipads, and a range of adventurous activities, including extreme sports.
The funds did not disclose the value of the project, Reuters states.
Inspired by offshore oil platforms, “THE RIG.” will be located in the Arabian Gulf and will span a combined total area of more than 150,000 square meters and provide a multitude of hospitality offerings, adventures, and aquatic sporting experiences.
“THE RIG. is a project in the tourism and entertainment sector, one of PIF’s key strategic sectors, and is expected to be a significant value-add to the local economy,” the press release said, adding that it will provide a multitude of hospitality offerings, adventures, and aquatic sporting experiences.
Additionally, to ensure the sustainable preservation of the environment in the project’s vicinity, the project will follow leading global standards and best practices, further supporting the Kingdom’s broader efforts on environmental protection.
“This project is a unique tourism attraction, expected to attract tourists from around the world, while being especially popular with citizens and residents of the GCC countries in the region,” the release added.
“THE RIG.” will feature a number of touristic attractions, including three hotels, world-class restaurants, helipads, and a range of adventurous activities, including extreme sports, Saudi Press Agency states.
“THE RIG. is in line with PIF’s strategy 2021-2025 to drive innovation in Saudi Arabia’s tourism and entertainment sectors, providing promising development opportunities to achieve economic diversification in line with the Saudi Vision 2030 objectives,” PIF said in the press release.
#PIF announces “THE RIG.” Project.
The world’s first tourism destination inspired by offshore oil platforms.
— Public Investment Fund (@PIF_en) October 16, 2021
To support Saudi Arabia’s efforts to become a leading global tourist destination, PIF has established several major projects and companies in various regions within the country, including the Red Sea Development Company, Alsoudah Development Company and the Cruise Saudi Company.
PIF said the project will ensure the sustainable preservation of its environment’s vicinity.
THE RIG. will feature three hotels, world-class restaurants, helipads, and a range of adventurous activities, including extreme sports.
Saudi Arabia’s PIF is one of the world’s most significant sovereign wealth funds. It has a world-class investment portfolio with a focus on long-term, opportunistic investments, both domestically and internationally.
It was also noted that The Rig will meet national environmental requirements.