PIF Plans Massive Red Sea Resort Development

August 16, 2017 by Loch Adamson

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Saudi Arabia’s PIF Backs Crown Prince’s Vision of Red Sea Resort Saudi Arabia has just announced plans to transform a 125-mile stretch of coastline along the Red Sea into a visa-free luxury tourist destination for international travelers. The kingdom’s newly repurposed sovereign wealth fund, the Public Investment Fund (PIF), will provide initial funding to develop resorts on 50 islands between the cities of Umluj and al-Wajh, according to PIF’s Chairman, Crown Prince Mohammed bin Salman bin Abdulaziz al-Saud. The Red Sea Project, as it is known, will "serve as a center for the wellness movement" and feature heritage sites, a nature preserve, and scuba diving, according to a statement by PIF. "The newly mapped semi-autonomous area will be governed by laws on par with international standards, with the initial…

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