The ambitious project will, according to local reports, turn the five islands into tourism and leisure destinations consisting of canals similar to those found in Venice, Italy.
The attractive destinations will also display shopping complexes and travel centers that could attract international investments.
The project also seeks to develop free zones, to display conducive environments where implementation of operating rules attracts great minds.
The strategic position of the islands; on the Silk Road project, will enable the country to become a hub of global investment and the development of national product, reports say.
Annual returns of the plan are projected to reach $40 billion upon completion and a total of 200,000 jobs are to be generated.