The Public Investment Fund (PIF) of Saudi Arabia has announced plans for the Rig, a new tourism project.
Inspired by offshore oil platforms, the development will be located in the Arabian Gulf and will span a combined total area of more than 150,000 square meters.
When complete it will provide a multitude of hospitality offerings, adventures and aquatic sporting experiences.
The Rig is a project in the tourism and entertainment sector, one of key strategic sectors identified by the PIF, and is expected to be a significant value-add to the local economy.
Additionally, to ensure the sustainable preservation of the environment in the vicinity, the project will follow leading global standards and best practices, further supporting broader efforts on environmental protection.
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 will feature a number of touristic attractions, including three hotels, world-class restaurants, helipads, and a range of adventurous activities, including extreme sports.
To support Saudi Arabia’s efforts to become a leading global tourist destination, PIF has established several major projects and companies in various regions within the country, including the Red Sea Development Company, Alsoudah Development Company and the Cruise Saudi Company.
Public Investment Fund
PIF is one of the largest sovereign wealth funds in the world, seeking to drive the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy.
The organisation is building a portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home.
These include the recent acquisition of Premier League football club, Newcastle United.
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