• The Rig is inspired by offshore oil platforms
    The Rig is inspired by offshore oil platforms
  • The project involves a 15-hectare theme park
    The project involves a 15-hectare theme park
  • The Rig aims to provide a major boost to the kingdom’s tourism ambitions
    The Rig aims to provide a major boost to the kingdom’s tourism ambitions
  • The project will be developed by the Oil Park Development Company
    The project will be developed by the Oil Park Development Company
  • An underwater restaurant forms part of the plans
    An underwater restaurant forms part of the plans
  • The Rig is being financed by Saudi Arabia’s sovereign wealth fund
    The Rig is being financed by Saudi Arabia’s sovereign wealth fund
  • While it is unclear how much The Rig will cost, the PIF is estimated to be worth $430 billion
    While it is unclear how much The Rig will cost, the PIF is estimated to be worth $430 billion

Business

Saudi Arabia to turn huge oil rig into hotel and theme park resort

A promotional video shows plans to build an 800-room resort on a drilling platform

Rory Reynolds
Rory Reynolds

October 17, 2021

  • English
  • Arabic

Saudi Arabia will build a 800-room hotel resort and theme park on an oil rig platform.

Saudi Arabia's Public Investment Fund unveiled plans for its latest tourism attraction called The Rig – a series of connected platforms that span 150,000 square metres.

"This project is a unique ... attraction, expected to attract tourists from around the world, while being especially popular with citizens and residents of the GCC countries in the region," the PIF said as it unveiled the project at the weekend.

A promotional video showed images of theme park water slides constructed on a drilling platform and a steel-and-glass hotel atrium at the centre of the attraction.

The venue will have berths for 50 yachts along with "three hotels, world-class restaurants, helipads and a range of adventurous activities, including extreme sports".

The PIF did not disclose the location of The Rig. Many of Saudi Arabia's oil platforms are clustered off the east coast city of Dammam.

An opening date was not disclosed, with the PIF only saying that the project was part of its 2021-2025 strategy. Officials are yet to clarify whether the rig would be constructed from scratch, or adapted from an existing oil platform.

The Rig, which was announced on Saturday, is the latest tourism and entertainment project designed to reduce Saudi Arabia's reliance on oil.

The kingdom's government recently unveiled plans for major resorts in the Red Sea off the country's west coast.

Beach-life takes off in Saudi Arabia - in pictures

  • A floating blow-up water park spells 'Saudi Arabia' in English letters at Pure Beach in King Abdullah Economic City, about 125 kilometres south of Jeddah's city centre, on the Red Sea. All photos: AFP
    A floating blow-up water park spells 'Saudi Arabia' in English letters at Pure Beach in King Abdullah Economic City, about 125 kilometres south of Jeddah's city centre, on the Red Sea. All photos: AFP
  • While tourists have long been able to mingle freely at such parties in and around Jeddah, known as the kingdom's most open-minded city, Saudis were confined to single-sex beaches.
    While tourists have long been able to mingle freely at such parties in and around Jeddah, known as the kingdom's most open-minded city, Saudis were confined to single-sex beaches.
  • Four years into a reform drive aimed at improving the country's image and creating new opportunities for its oil-reliant economy, Saudis are enjoying more freedoms.
    Four years into a reform drive aimed at improving the country's image and creating new opportunities for its oil-reliant economy, Saudis are enjoying more freedoms.
  • Beachgoers play at a floating blow-up water park at Pure Beach in King Abdullah Economic City.
    Beachgoers play at a floating blow-up water park at Pure Beach in King Abdullah Economic City.
  • People swim at Pure Beach in King Abdullah Economic City.
    People swim at Pure Beach in King Abdullah Economic City.
  • People attend a party in the Saudi Red Sea resort of Jeddah.
    People attend a party in the Saudi Red Sea resort of Jeddah.
  • Party-goers can now dance the night away in Jeddah.
    Party-goers can now dance the night away in Jeddah.
  • Both men and women can enjoy the party atmosphere.
    Both men and women can enjoy the party atmosphere.
  • A woman plays with a hula hoop during a party in the Saudi Red Sea resort.
    A woman plays with a hula hoop during a party in the Saudi Red Sea resort.
RACECARD
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Key developments

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While you're here
Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

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From exhibitions to the battlefield

In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.

It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.

It is driving positive change through innovation and technology, helping use resources more efficiently.

It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

India team for Sri Lanka series

Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.

T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan

The biog

Born: High Wycombe, England

Favourite vehicle: One with solid axels

Favourite camping spot: Anywhere I can get to.

Favourite road trip: My first trip to Kazakhstan-Kyrgyzstan. The desert they have over there is different and the language made it a bit more challenging.

Favourite spot in the UAE: Al Dhafra. It’s unique, natural, inaccessible, unspoilt.

Updated: October 20, 2021, 3:27 PM