The Rig to be developed into a tourist spot in Saudi Arabia.

• The Rig was signed to be developed by a subsidiary of the Saudi Sovereign wealth fund with the Principality of Eastern Region.
• The project aims to invest in marine activities and develop the area for future tourism aligning with the kingdom’s 2030 vision.
• The Rig includes an offshore platform in the middle of the Arabian Gulf and stations on Dammam Corniche

Saudi authorities have announced that the Principality of Eastern Region has signed an agreement with one of the subsidiaries of the Saudi sovereign wealth fund PIF to develop a project called THE RIG.

The investment agreement includes the construction, development, operation, and maintenance of a tourist and visitor station, a marina for yachts and seaplanes, helipads, and other supporting activities to serve the project.

This information was reported by SPA.

The deal was signed in the presence of Governor of the Eastern Region, Prince Saud bin Naif bin Abdulaziz, at a ceremony in Dammam.

The project aims to invest in marine activities and develop unique tourism and entertainment destinations.

This announcement follows the launch of a package of investment projects worth SAR18 billion ($4.8 billion) by Prince Saud.

THE RIG will include several key projects such as hotels, amusement parks, water sports facilities, as well as other adventures and stations with facilities to serve visitors and tourists.

The platform will also feature three hotels and eleven restaurants. It is considered the first tourist destination in the world inspired by offshore oil platforms in the Arabian Gulf, making it unique on a global scale.

According to officials, the project includes an offshore platform in the middle of the Arabian Gulf and stations on Dammam Corniche, the Cultural Center, and Jubail Corniche.

The main project is a platform in the middle of the Arabian Gulf near Al Juraid Island. The project aims to represent a leap in entertainment, tourism, marine activities, and means of transportation, supporting elements of quality of life.

The agreement contributes to achieving the goals of Saudi Vision 2030, which is to raise the quality of life and develop economic diversification, according to the SPA report.

The Eastern Region had recently attracted significant investment capital and ranked first in attracting foreign investment, it added.