Officials at the signing ceremony in Dammam.

Saudi authorities have announced that the Eastern Region has sealed an agreement with one of the key subsidiaries of Saudi sovereign wealth fund PIF to develop The Rig.project, the first tourist destination in the world inspired by offshore oil platforms.

The investment agreement includes the construction, development, operation, and maintenance of a tourist and visitor station, a marina for yachts and seaplanes, helipads, and various supporting activities to serve the project, reported SPA.

The deal was signed in the presence of Governor of the Eastern Region Prince Saud bin Naif bin Abdulaziz, at a key ceremony in Dammam.

The project will activate and invest in marine activities and develop unique tourism and entertainment destinations, it stated.

It includes an offshore platform in the middle of the Arabian Gulf and stations on Dammam Corniche, the Cultural Centre, and Jubail Corniche. The main project is a platform in the middle of the Arabian Gulf near Al Juraid Island, stated the report.

The Rig. will boast several key facilities including hotels, amusement parks, water sports facilities as well as other adventures and stations to serve visitors and tourists, in addition to helipads, a seaplane marina and yachts. The platform will also feature three hotels and 11 restaurants.