Riyadh – Mubasher: The estimated cost of the Red Sea Development Company’s Coral Bloom project is between SAR 12 billion and SAR 14 billion ($3.2 billion-$3.7 billion), the company’s CEO, John Pagano, told Al Arabiya on Thursday.

Pagano revealed that the multi-billion project is expected to welcome visitors at the end of 2023, highlighting that it is a huge project that will provide the appropriate risk-adjusted returns for the investment.

Red Sea Development will be the largest tourist destination that is entirely powered by renewable energy and the region is set to home the world's largest battery storage facility.

The CEO further added that the company is about to close a SAR 14 billion financing from five Saudi banks.

On Wednesday, Saudi Arabia's Crown Prince, Mohammed bin Salman, launched the luxury Red Sea Project "Coral Bloom" designs.