Saudi Arabia plans to develop resorts on 22 islands off the Red Sea coast, offering a nature reserve, coral reef diving and heritage sites Red Sea Development Co, backed by Saudi Arabia’s sovereign fund, the Public Investment Fund (PIF), plans to build the first phase by 2022 RIYADH: Saudi Arabia’s Red Sea Development Company said on Monday it had awarded infrastructure contracts for an international airport that is due to open in 2022. The company, which is developing a huge Red Sea tourism project, said the contracts were awarded to Nesma & Partners Contracting Co. Ltd. and Almabani General Contractors. Saudi Arabia plans to develop resorts on 22 islands off the Red Sea coast, offering a nature reserve, coral reef diving and heritage sites. Red Sea Development Co, backed by Saudi Arabia’s sovereign fund, the Public Investment Fund (PIF), plans to build the first phase by 2022. It aims to attract 300,000 tourists a year in the first phase and 800,000 to 1 million once the development is complete. Red Sea is one of three major projects backed by PIF, along with the $500 billion NEOM economic zone and the Qiddiya entertainment project. Saudi Arabia’s NEOM, which is building a $500 billion mega economic zone, said last week it had signed an agreement with Air Products and Saudi Arabia’s ACWA Power for a $5 billion green hydrogen-based ammonia production facility.