Concerns about Western influences seeping into Saudi society might be assuaged by the promise to develop a rural area far from major cities. The project will create as many as 35,000 jobs “once it’s up and running” and contribute 15 billion riyals ($4 billion) to Saudi Arabia’s gross domestic product, according to the statement.
Seed Capital
The Public Investment Fund, headed by Prince Mohammed, will inject initial investments into the project and start partnerships with international companies.
The initial groundbreaking is expected in the third quarter of 2019. The first phase will be completed by the fourth quarter of 2022, including “the development of hotels and luxury residential units, as well as all logistical infrastructure -- including air, land, and sea transport hubs,” according to the statement.
Visitors will have access to the ancient ruins at Mada’in Saleh, a relic of the same ancient civilization that built the better-known city of Petra in Jordan and a UNESCO world heritage site. A promotional video for the project with dramatic music showcases white sand beaches and flocks of birds soaring over turquoise waves.
“It’s unique,” Al Wahhabi said. “He picked the most pure area in the country,” he added, referring to the crown prince. “It’s kind of far away from everything.”
This article was provided by Bloomberg News.