The Red Sea project will cover more than 30,000 square kilometers between the cities of Umluj and Al Wajh. It will be developed across 50 “islands in a lagoon,” according to a statement released late on Monday. Tourists from most nationalities will be able to obtain visas to the area online or upon arrival.

The initial groundbreaking is expected in the third quarter of 2019 and the first phase will be completed by the fourth quarter in 2022, including “the development of hotels and luxury residential units, as well as all logistical infrastructure -- including air, land, and sea transport hubs,” according to the statement.

Saudi Arabia is relaxing the rules on its entertainment and tourism industry as part of its Vision 2030 plan, which aims to overhaul the economy. By 2020, the kingdom plans to have more than 450 clubs providing a variety of cultural activities and events. It also aims to double household spending on recreation to 6 percent.

The Public Investment Fund will inject initial investments into the project and start partnerships with international companies, according to state-run Saudi Press Agency.