The Kingdom has achieved a milestone with the incorporation of the Red Sea Project as a stand- alone company. Originally, a project launched on July 31, 2017, it is now The Red Sea Development Company (TRSDC). TRSDC has been officially registered as a closed joint-stock company, wholly owned by the Public Investment Fund (PIF). The project was envisioned by His Royal Highness Crown Prince Mohammed bin Salman, the Chairman of the Public Investment Fund (PIF), with the aim of creating a world-class, luxurious, sustainable tourist destination along the west coast of the Kingdom of Saudi Arabia. This project is one of three giga projects under PIF. Located between the cities of AlWajh and Umluj, the Red Sea Project will be developed within a 34,000 sq. km site and will be a year-round destination with a wide range of unique experiences for visitors. Phase One is due to open in 2022.