By 
Coral Bloom project investment of 14 Billion SAR and will be open in 2023 as per the CEO. Chief Executive of Red Sea Development Company, John Bagano, the estimated cost of the project Coral Bloom is about 14 billion riyals, expected to open its doors in 2023. More details below.
Coral Bloom project investment of 14 Billion SAR and will be open in 2023
The CEO explained, that the project will be the largest tourist destination around the world rely on renewable energy by 100%, as the region will have the largest storage system for the batteries in the world.
Also, He stressed that the company is fortunate being supported by the public investment Fund, the main shareholder of the project, which provides the bulk of funding.
He added: ” We are about to close financing of 14 billion riyals with 5 Saudi banks. In addition, last year we announced the signing of our largest agreement with a consortium led by “ACWA Power” as a partnership between the public and private sectors.
And based design vision of the project on biodiversity considerations, as will be preserved mangroves and other habitats to form natural lines of defense. It also covers resorts and hotels the 11th to be established on an island, keeps up with travelers aspirations after a pandemic Coronavirus, Including the provision of larger areas, and more integration into the natural landscape, to identify these hotels with the surrounding sand dunes.
More from Riyadh Xpress
The Cloud Corniche | Abha | Saudi Arabia
Lakes Park | Watch complete directions & details of Lakes Park in Riyadh.
Looking for a refreshing adventure in summers in Riyadh? Watch out the latest video of Ain Heet Cave near Riyadh for hiking.
Stay Safe by following precautionary measures given by the government
- Firstly, free movement with taking care of precautionary measures given by the government. Cautiously we returned to normal life.
- Staying at home can be very boring if you don’t have anything to do, we have made a list of things to do here.
- Buy protected mask: Click Here
Finally, follow Riyadh Xpress’s:
 |  |  |
In addition, check out the latest articles by Riyadh Xpress
- Firstly, King Salman urged the world to respond to the human crises causes by Covid-19: Click Here.
- Secondly, Social Distancing Measures implemented in supermarkets: Click Here.
- Thirdly, the latest penalties on Iqama: Click Here.
- Fourthly, Disabled parking violation/fine in Saudi Arabia: Click Here.
- Lastly, hackers attack again to get your personal data: Click Here.
Check out the most viewed articles
- Firstly, one riyal shop in Riyadh: Click Here.
- Secondly, 5 Riyals Mall in Riyadh: Click Here.
- Thirdly, Riyal al Barakah: Click Here.
- Lastly, 20 new changes in Saudi Arabia in 2020: Click Here.
