Saudi Red Sea project plans 16 hotels by 2023, finalising $3.7 bln loan -CEO | Reuters
Saudi Arabia’s flagship tourism project, The Red Sea Development Co (TRSDC), plans to have 16 hotels ready by the end of 2023, two more than initially planned in the first phase, as it expects a V-shape recovery in global tourism once the pandemic abates, Chief Executive John Pagano told Reuters.
Owned by a Saudi sovereign fund, and backed by Crown Prince Mohammed bin Salman, the multi-billion dollar project entails developing luxury resorts on 50 islands off the coral-fringed Red Sea coast, where tourists can go diving, and visit a nature reserve and heritage sites.
During the first phase, the project aims to attract 300,000 visitors annually, Pagano said, expecting demand to soar in the aftermath of the COVID-19 pandemic.
“There will be a lot of pent up demand to go and travel as soon as the restrictions are lifted, so I see a V-shape recovery certainly, in so far as tourism is concerned,” he said from Riyadh in a telephone interview.
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