Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a new tourism project inspired by offshore oil platforms.
Named “THE RIG”, the project will be located in the Arabian Gulf and span a combined total area of more than 150,000 sq m, providing hospitality offerings, adventures, and aquatic sporting experiences, PIF said in a statement.
“THE RIG” should feature a number of touristic attractions, including three hotels, restaurants, helipads, and a range of adventurous activities, including extreme sports.
The fund, with an estimated portfolio worth more than $400bn and chaired by Crown Prince Mohammed bin Salman, expects the project to attract tourists from around the world while being especially popular with citizens and residents of the Gulf Cooperation Council countries in the region.
Although it has not been disclosed when the project will be completed, it is said to be in line with PIF’s strategy 2021-2025 to drive innovation in Saudi Arabia’s tourism and entertainment sectors, supporting the country’s Saudi Vision 2030 objectives to achieve economic diversification.