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Saudi Arabia’s Public Investment Fund, which is among the largest sovereign wealth funds in the world — announced its plans for launching a tourism project “THE RIG”, on 16th October 2021. It will take the form of a resort and theme park built on an oil rig platform located in the Arabian Gulf.

The 150,000 square meter resort will boast three hotels, multiple helipads, 11 restaurants, 800 rooms, a roller coaster, a Ferris wheel, a water slide, and a go-cart arena. Tourists will be able to participate in extreme sports such as bungee jumping and scuba diving at the site.

The project cost remains unannounced. The PIF has estimated assets worth about $500 billion. It is targeting to have about $1.07 trillion assets under the management by 2025 and about $2 trillion by 2030.

Image Credits: pif.gov.sa

The PIF has reportedly said that this project would be the first tourism destination in the world to be on an offshore platform since 2010. It will be accessible by boats, yachts, cruises, or helicopters.

THE RIG is part of the PIF’s 2021-2025 strategy to modernize Saudi Arabia’s tourism and entertainment industry. Per the program Vision 2030, the kingdom is aiming to diversify the economy while reducing its reliance on net oil revenue.

The idea was backed with a promotional video showing restaurants, gigantic panoramic wheels, and long slides up to the sea.

Reference: pif.gov.sa

Marine Insight does not own the rights of the video.

World’s First Tourism Destination On Offshore Platforms To Be Built By Saudi Arabia appeared first on Marine Insight – The Maritime Industry Guide

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