Saudi Arabia’s Public Investment Fund (PIF) on Saturday announced the launch of “THE RIG.” a new tourism project inspired by offshore oil platforms, according to a press release.
The project will be in the Arabian Gulf, spanning a combined total area of more than 150,000 square meters.
“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.
PIF said the project will ensure the sustainable preservation of its environment’s vicinity.
“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 three hotels, restaurants, helipads, and a range of adventurous activities, including extreme sports.
“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.
Saudi Arabia’s PIF is one of the world’s largest sovereign wealth funds. It has a world-class investment portfolio with a focus on long term, opportunistic investments, both domestically and internationally.
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