Riyadh – Mubasher: The Red Sea Development Company (TRSDC), a wholly owned subsidiary of the Saudi Public Investment Fund (PIF), on Wednesday announced the beginning of construction works of the first phase of the Red Sea mega touristic project.

The first phase will include implementing infrastructure works and building apartments for workers, according to TRSDC’s statement.

The beginning of the first phase construction is a major step for the project, the project’s CEO John Pagano stated.

The Red Sea mega touristic and recreational project is a major part of Saudi Vision 2030 that aims to boost investments in the entertainment sector and diversify the kingdom’s economy sources away from oil revenues.

In August 2017, the state-owned sovereign investor PIF said that the Red Sea Project will increase its gross domestic product (GDP) by SAR 15 billion on an annual basis.

TRSDC announced last month that its board of directors approved the megaproject’s masterplan.

On 17 February, Abdullah Al-Maghlouth who is a member of the Saudi Economic Association (SEA) expected the project to offer 35,000 job opportunities for Saudi citizens.

TRSDC’s financial officer last Wednesday stated that the project’s blueprint has been completed.