The Saudi Kingdom Public Investment Fund recently announced plans for a new luxury development on the coast of the Red Sea. The goal is to create a new destination for luxury tourism which focuses on recovery, health, and treatment while developing the tourism sector of Saudi Arabia. The project plans, however, could be postponed indefinitely in the wake of foreign capital boycotts following the death of journalist Jamal Khashoggi. At risk are several previously announced major projects in the area including the massive NEOM City in Tabuk to compete with Silicon Valley and the spectacular Red Sea Project reef destination resort. The Red Sea project’s nature reserve is inhabited by rare wildlife including Arabian leopards, wolves, wildcats, and falcons.

Source: Forbes December 26, 2018 18:11 UTC