Saudi authorities have announced that the Principality of Eastern Region has sealed an agreement with one of the key subsidiaries of Saudi sovereign wealth fund PIF to develop THE RIG project.

The investment agreement includes the construction, development, operation, and maintenance of a tourist and visitor station, a marina for yachts and seaplanes, helipads, and various supporting activities to serve the project, reported SPA.

The deal was inked in the presence of Governor of the Eastern Region Prince Saud bin Naif bin Abdulaziz, at a key ceremony in Dammam.

The project will activate and invest in marine activities and develop unique tourism and entertainment destinations, it stated.

This announcement comes after the previous launch of a package of investment projects worth SAR18 billion ($4.8 billion) by Prince Saud , it added.

THE RIG will boast several key projects including hotels, amusement parks, water sports facilities as well as other adventures and stations that include facilities to serve visitors and tourists in addition to helipads, a seaplane marina and yachts. The platform will also feature three hotels and eleven restaurants.

According to the officials, the project is considered the first tourist destination in the world inspired by offshore oil platforms in the Arabian Gulf, making it unique on a global scale.

It includes an offshore platform in the middle of the Arabian Gulf and stations on Dammam Corniche, the Cultural Center, and Jubail Corniche. The main project is a platform in the middle of the Arabian Gulf near Al Juraid Island, stated the report.

The project will represent a quantum leap in entertainment, tourism, marine activities, and means of transportation, supporting elements of quality of life.

This agreement contributes to achieving the goals of Saudi Vision 2030, which is to raise the quality of life and develop economic diversification, said the SPA report.

The Eastern Region had recently attracted significant investment capital and ranked first in attracting foreign investment, it added.

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