Saudi Arabia has approved the development of a SR50 billion ($13.33 billion) tourist city in the eastern coastal city of Al-Oqair, a report said.

The Arab news report quoted Prince Sultan bin Salman, chairman of the Saudi Commission for Tourism and Antiquities (SCTA), as saying that the Custodian of the Two Holy Mosques King Abdullah had given the go-ahead to implement the project, which will change the face of Al-Ahsa region.

The first phase of the project will cost SR100 million.

Al-Ahsa Mayor Fahd Al-Jubair said the project will also create more than 80,000 jobs for young Saudi men and women, according to the report.

A similar project is also to be developed in Jeddah’s Obhur Corniche. The Saudi cabinet has already given approval for the project. Spread over 140,000 sq m, the site will be developed into a permanent center for festivities. It will also include a heritage village, an open stage and a site for fireworks.