The Public Investment Fund (PIF)’s project, known as ‘THE RIG.’, has launched its master plan, signaling a transformative period for Saudi Arabia’s water sports and adventure tourism. Inspired by the offshore oil platforms, the project pays homage to the country’s rich history in oil and gas. Situated near Al Juraid Island and Berri Oil Field in the Arabian Gulf, it covers a substantial area of over 300,000 square meters, located 40 kilometers from the coastline.
This is not a park. And we are not here to amuse.
Welcome to THE RIG.#THERIGsa pic.twitter.com/HoZDrmwWNg
— THE RIG. (@THERIGsa) January 17, 2024
THE RIG.’s development will be overseen by the Oil Park Development Co., a subsidiary of the sovereign wealth fund, in line with the goals of the PIF’s strategy and Vision 2030. The project aims to contribute to the growth of the tourism sector, create employment opportunities, and diversify the economy.
Read more: Saudi PIF to acquire $412 mn stake in local tourism firm Almosafer
CEO Raed Bakhrji of OPDC anticipates that THE RIG will attract over 900,000 visitors annually by 2032, including domestic, regional, and international tourists with various interests, such as adrenaline-seeking individuals, explorers, those seeking a balanced holiday, and those simply looking for relaxation.
Diverse hospitality and accommodation
The project will offer a wide range of hospitality, leisure, entertainment, and accommodation options. Also, it will feature three hotels with a total of 800 rooms and 11 restaurants. Additionally, there will be an extreme sports and adventure park, a top-tier marina, and helipads. A variety of water-related activities, including a diving center, an amusement park, and a splash park, will be available. Furthermore, THE RIG. will include an e-sports center, an immersive theater, and a multi-purpose arena.
Bakhrji highlights that THE RIG., first announced on 2016, draws inspiration from offshore oil platforms, celebrating Saudi Arabia’s enduring legacy in the oil and gas industry. Moreover, the project aims to offer an unparalleled and distinctive experience, establishing itself as a must-visit destination.
“THE RIG.” is in line with the #PIFstrategy 2021-2025 to drive innovation in Saudi Arabia’s tourism and entertainment sectors, providing promising development opportunities to achieve economic diversification in line with #SaudiVision2030.#PIF https://t.co/QpZhEnrigU pic.twitter.com/7XkUGrjTvn
— Public Investment Fund (@PIF_en) October 16, 2021
Prioritizing sustainability
As part of Saudi Arabia’s sustainable economic growth, THE RIG. aligns with leading global standards and best practices for environmental preservation. Its design and operation prioritize sustainability, following the guidelines outlined in Vision 2030’s “Projects” page.
THE RIG. exemplifies the ambitious plan of Saudi Arabia in driving the creation and development of the country’s tourism and entertainment sectors. It introduces innovative experiences for visitors while simultaneously generating opportunities for economic growth, similar to other ongoing projects in the region.
Furthermore, according to a report published in 2022 by Upstream, an energy-focused publication, the projected cost of the project is approximately $5 billion.
For more news on hospitality & tourism, click here.
