Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) has launched a new tourism project named “THE RIG”, which is the first-of-its-kind tourism destination inspired by offshore oil platforms.
According to the statement, the project would have a combined total area of more than 150,000 square meters and will include hospitality and aquatic sporting experiences. It has also been named as the world’s ‘first tourism destination on offshore platforms.’
It will be located in the Arabian Gulf and will include three hotels, restaurants, helipads, and a variety of exciting activities, including extreme sports. In addition, steps will be taken to ensure the long-term preservation of the ecosystem in the project’s proximity, as per the company statement.
The project is also expected to be a “significant value-add to the local economy”, the PIF said. 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 RIG is part of PIF’s 2021-2025 strategy to push innovation in Saudi Arabia’s tourism and entertainment sectors, as well as provide development opportunities to foster economic diversification in line with Saudi Vision 2030 goals.
PIF has established several major projects and companies in various regions within the country, including the Red Sea Development Company (TRSDC), Soudah Development Company, and the Cruise Saudi Company, to support Saudi Arabia’s efforts to become a leading global tourist destination