Saudi authorities have announced that the Principality of Eastern Region has sealed an agreement with one of the key subsidiaries of Saudi sovereign wealth fund PIF to develop THE RIG project.
The investment agreement includes the construction, development, operation and maintenance of a tourist and visitor station, a marina for yachts and seaplanes, helipads and various supporting activities to serve the project, reported SPA.
The deal was inked in the presence of Governor of the Eastern Region Prince Saud bin Naif bin Abdulaziz, at a key ceremony in Dammam. The project will activate and invest in marine activities and develop unique tourism and entertainment destinations, it stated.
This announcement comes after the previous launch of a package of investment projects worth SAR18bn ($4.8bn) by Prince Saud, it added.
THE RIG will boast several key projects including hotels, amusement parks, water sports facilities as well as other adventures and stations that include facilities to serve visitors and tourists in addition to helipads, a seaplane marina and yachts. The platform will also feature three hotels and eleven restaurants.
According to the officials, the project is considered the first tourist destination in the world inspired by offshore oil platforms in the Arabian Gulf, making it unique on a global scale.
