Saudi Arabia's PIF launches offshore platform tourism project

FILE PHOTO: Saudi Crown Prince Mohammed bin Salman speaks during a meeting to Launch Public Investment Fund Strategy 2021-2025, in Riyadh, Saudi Arabia, January 24, 2021. Saudi Press Agency/Handout via REUTERS

CAIRO (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced on Saturday the launch of "THE RIG", which it said would be the world's first tourism destination on offshore platforms.

The fund, the engine of Crown Prince Mohammed bin Salman's economic transformation plans for Saudi Arabia, manages a portfolio worth $400 billion.

It added in a statement that the project was located in the gulf and spanned an area of more than 150,000 square metres.

It said the project would feature a number of attractions, including three hotels, restaurants, helipads, and a range of adventurous activities including extreme sports.

The funds did not disclose the value of the project.

(Reported by Saeed Azhar; Writing by Moataz Abdelrahiem; Editing by Alex Richardson)