Saudi Public Investment Fund, headed by Saudi Crown Prince Mohamed bin Salman (MBS), has allocated $8 billion to build hotels and tourist resorts in the Jazan region, well-informed sources revealed.
According to the sources, MBS has ordered the construction of a private palace in the tourist resort.
Saudi’s “Seven”, owned by the MBS-led Public Investment Fund, earlier announced a SAR 1.3 billion entertainment project in Aseer.
The project is SEVEN’s fifth entertainment destination in the Kingdom and the first in the Aseer region.
With an investment value of more than SAR 1.3 billion, the entertainment destination is located between the cities of Abha and Khamis Mushait, near Abha International Airport. The development is set on a land size of 64,000 square metres with a built-up area of more than 79,000 square meters.
SEVEN Abha will be home to eight unique attractions which includes a family entertainment centre offering various experiences from arcade games, unique world-class rides to Virtual reality areas.
There will be a Discovery Adventures jungle-themed edutainment attraction created in partnership with Warner Bros.
Discovery Global Themed Entertainment, an outdoor jungle-themed attraction, a PLAY-DOH themed entertainment centre ; and a 12-hole indoor golf adventure area with the latest technology.
SEVEN is spending more than SAR 50 billion to build 21 entertainment destinations across the Kingdom.
Along the same line, MBS earlier declared intention to invest more than $4 billion in a luxury coastal tourism destination called Epicon that will also include residential offerings, well-informed sources revealed.
Situated on the Gulf of Aqaba, Epicon will have two towers, one standing at 225 metres (m) and the other at 275m.
These towers will house a hotel with 41 rooms and luxury residences, as well as 14 suites and apartments.
Meanwhile, an Epicon resort located near the hotel offers 120 rooms and 45 beachfront residential villas.
This huge spending on sportwashing while Saudi Arabia’s unemployment and poverty rate continue to rise, sparks widespread controversy at home and abroad.
Since taking office, MBS has done nothing worthful for the Saudi society but wars and crises. In contrast, Saudi Arabia has witnessed an unprecedented economic and political crisis.
In a failed attempt to cover up his failure, MBS has declared several projects to whitewash his dark reality.
Since 2021, MBS declared a series of fake projects that will never see the light of day.
Thus, MBS has ordered the establishment of five major investments with Chinese and Korean firms at Taif Investment Forum.
Saudi Arabia will develop a $5bn Mars-themed city, a rose-growing industry and five five-star tourist resorts in Taif, sources familiar with the matter said.
Sources familiar with the matter revealed that MBS has ambitious plans to create a city dedicated to space exploration, known as the “Science Fiction Space City” or “Mars War.”
The initial phase of this project is expected to cost 5 billion Saudi riyals, which is approximately equivalent to 1.3 billion dollars. However, the total cost could potentially surpass 20 billion riyals in its final phase.
Riyadh is now seeing more than $64 billion in entertainment investment, with a significant proportion of that going to the live music industry.
