Saudi Arabia is revising its ambitious Red Sea tourism strategy, scaling back plans to build 81 luxury resorts by 2030 as the kingdom reassesses the scope and pace of its multi-billion-dollar diversification projects, according to sources familiar with the matter.
Stubbornly low oil prices and patchy demand have forced a rethink of the flamboyant "giga-projects" – centrepieces of Crown Prince Mohammed bin Salman's Vision 2030 program to diversify Saudi Arabia's economy.
Red Sea Global (RSG) denied plans to downsize, saying the project would continue after the initial phase of 27 resorts is completed this year.
But sources with knowledge of the plans said construction would halt at the end of 2026, costing dozens of jobs at RSG and hundreds at contracting firms.
The sources spoke on condition of anonymity due to the sensitivity of the matter.
