Saudi wealth fund PIF announces oil platform themed tourism project, ‘The Rig’

A new tourism project inspired by ‘offshore oil platforms’ has been launched by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).

Called ‘The Rig’, the project will span a combined total area of more than 150,000 square metres and provide hospitality offerings and aquatic sporting experiences, a statement said.  It has also been dubbed the world’s ‘first tourism destination on offshore platforms’.

Located in the Arabian Gulf, it will feature several touristic attractions, including three hotels, restaurants, helipads, and a range of adventurous activities, including extreme sports.

Steps will also be taken to ensure the sustainable preservation of the environment in the project’s vicinity, the statement added.

The PIF did not disclose when the project is slated for completion.

#PIF announces “THE RIG.” Project.
The world’s first tourism destination inspired by offshore oil platforms.

Read more: https://t.co/s3TLJ8mbVh#THERIGsa pic.twitter.com/YlC2kZ2yll

— Public Investment Fund (@PIF_en) October 16, 2021

The project is also expected to be a “significant value-add to the local economy”, the PIF said.

The Rig is in line with PIF’s strategy 2021-2025 to drive innovation in Saudi Arabia’s tourism and entertainment sectors, providing development opportunities to achieve economic diversification in line with the Saudi Vision 2030 objectives.

PIF has established several major projects and companies in various regions within the country, including the Red Sea Development Company (TRSDC), Alsoudah Development Company and the Cruise Saudi Company.

TRSDC is developing the Red Sea project, a luxury mixed-use tourism destination which will be developed over 28,000 sqkm along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 islands. The area also features mountain canyons, dormant volcanoes, and ancient cultural and heritage sites.

Read: In pics: Saudi reveals new luxury mountain resort as part of the Red Sea project

The massive project will include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure focusing on renewable energy and water conservation and re-use.

Also read: Exclusive interview: John Pagano, CEO of The Red Sea Development Company and Amaala