Saudi PIF Fund Announces Oil Platform-Themed Tourism Project, “The Rig”

A new tourism project inspired by “offshore oil platforms” has been launched by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).

Called “The Rig,” the project will cover a combined total area of ​​more than 150,000 square meters and will feature hospitality offerings and water sports experiences, according to a statement. It has also been dubbed the “world’s leading tourist destination on offshore platforms”.

Located in the Persian Gulf, it will feature several tourist attractions, including three hotels, restaurants, helipads and a range of adventure activities including extreme sports.

Measures will also be taken to ensure the sustainable preservation of the environment near the project, the statement added.

The FRP did not disclose the project completion date.

The project is also expected to provide “significant added value to the local economy,” PIF said.

The Rig is in line with the 2021-2025 strategy of the PIF to boost innovation in the tourism and entertainment sectors in Saudi Arabia, providing development opportunities to achieve economic diversification in line with the goals of Saudi Vision 2030.

PIF has set up several large projects and companies in various parts of the country, including the Red Sea Development Company (TRSDC), Alsoudah Development Company and the Cruise Saudi Company.

TRSDC is developing the Red Sea Project, a luxury mixed-use tourist destination that will be developed over 28,000 km² along the west coast of Saudi Arabia and includes a vast archipelago of over 90 islands. The region also includes mountain canyons, dormant volcanoes, and ancient cultural and heritage sites.

To read: In pictures: Saudi Arabia unveils a new luxury mountain resort as part of the Red Sea project

The massive project will include hotels, residential properties, leisure, commercial and entertainment facilities, as well as supporting infrastructure focused on renewable energy and water conservation and reuse.

Read also: Exclusive interview: John Pagano, CEO of The Red Sea Development Company and Amaala

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