• “THE RIG.” is located in the Arabian Gulf and spans an area of more than 150,000 square meters
  • The project is part of PIF’s strategy to further strengthen Saudi Arabia’s international entertainment and tourism offering
  • “THE RIG.” seeks environmental protection in the project’s area, in line with global best practices and in support of Saudi Arabia’s efforts to preserve the environment

Riyadh: The Public Investment Fund (PIF) announced today the launch of “THE RIG.”, a new tourism project. Inspired by offshore oil platforms, “THE RIG.” will be located in the Arabian Gulf and will span a combined total area of more than 150,000 square meters and provide a multitude of hospitality offerings, adventures, and aquatic sporting experiences.

“THE RIG.” is a project in the tourism and entertainment sector, one of PIF’s key strategic sectors, and is expected to be a significant value-add to the local economy. Additionally, to ensure the sustainable preservation of the environment in the project’s vicinity, the project will follow leading global standards and best practices, further supporting the Kingdom’s 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.

“THE RIG.” is in line with PIF’s strategy 2021-2025 to drive innovation in Saudi Arabia’s tourism and entertainment sectors, providing promising development opportunities to achieve economic diversification in line with the Saudi Vision 2030 objectives.

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.

-Ends- 

About the Public Investment Fund

PIF is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy. PIF is building a world-class portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home. PIF works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision 2030. More information can be found at www.pif.gov.sa 

PIF Media Contact: media@pif.gov.sa 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.