The Red Sea project will be developed as a private area where systems will be applied in accordance with international best practices and expertise to enable the achievement of the project objectives. The foundation will be laid in the third quarter of 2019 and the first phase will be completed in the last quarter of 2022, a time which will see the development of the airport, the port, the development of hotels and luxury residences, the completion of facilities and infrastructure, and transport services (boats, water jets, etc.). The PIF will inject initial investments into this project and open partnerships with leading international companies, which will bring new and direct investments to the Kingdom while seeking to attract and redirect Saudi tourism expenses into the kingdom. The project will attract the world's leading names in the tourism and hospitality sectors to harness its expertise, competencies and financial investments to enrich the experiences of this destination, provide more value to its visitors and maximize the economic gains of the Kingdom. --SPA 02:01 LOCAL TIME 23:01 GMT www.spa.gov.sa/w457398