Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Saudi Arabia Plans to Build 'Riviera of the Middle East' in Ambitious New Project

Saudi Arabia has dazzled investors with plans for a series of "giga projects", funded in part by its sovereign wealth fund, but sceptics question their viability.

AFP Relaxnews

Updated:September 27, 2018, 5:18 PM IST
facebookTwitterskypewhatsapp
Saudi Arabia Plans to Build 'Riviera of the Middle East' in Ambitious New Project
A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017. REUTERS/Faisal Al Nasser - RC1CA7D1DA40
Loading...

Saudi Arabia's Public Investment Fund (PIF) announced plans on Wednesday for a luxury tourism destination on its northwestern coast, the latest in a series of mega projects as the oil-reliant kingdom seeks to diversify. The project called "Amaala" would be "a natural extension of the Mediterranean Sea, and dubbed the Riviera of the Middle East", the country's top sovereign wealth fund said in a statement released by the information ministry.

The development will feature hotels, private villas, an arts academy and a yacht club, PIF added. It did not reveal any timeframe or the size of the investment, saying only that the "initial funding for the project will be provided by PIF".

Saudi Arabia has dazzled investors with plans for a series of "giga projects", funded in part by its sovereign wealth fund, but sceptics question their viability. The kingdom has already unveiled blueprints to build NEOM, a mega project billed as a regional Silicon Valley, in addition to the Red Sea project, a reef-fringed resort destination -- both worth hundreds of billions of dollars.

"Amaala will sit alongside NEOM and the Red Sea project as part of the giga-projects investment portfolio, helping to... (support) economic diversification," PIF said. Such projects are the brainchild of Prince Mohammed, architect of a sweeping reform programme dubbed "Vision 2030".

The reforms stem partly from a motivation to boost domestic spending and attract foreign investment as the kingdom reels from an economic slowdown. Kickstarting tourism is one of the centrepieces of Vision 2030. On Tuesday, Saudi Arabia said it will begin issuing visas to visitors to attend sporting and cultural events from December, a first for the kingdom as it seeks to lure international tourists.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results