Red Sea Global, Kingdom Holding sign JV

Red Sea Global (RSG), the driving force behind the ambitious regenerative tourism destinations, The Red Sea and Amaala, has confirmed the successful closure of a SAR2bn Joint Venture (JV) with Kingdom Holding Company (KHC), a leading global investment firm headquartered in Saudi Arabia.

The collaborative venture, with RSG and KHC sharing equal stakes, is set to bring to life the Four Seasons Resort Red Sea, Saudi Arabia, scheduled to open in early 2025.

Four Seasons luxury resort

Nestled on Shura Island, the primary hub of The Red Sea destination, this highly anticipated luxury resort will feature 149 rooms and suites, along with 31 residential properties.

Additionally, it will offer six dining establishments, meeting and event spaces, a marine discovery center, and a Kids For All Seasons area.

John Pagano, Group CEO of RSG, emphasised, “This partnership reinforces our resolute commitment to revolutionizing Saudi Arabia’s tourism landscape.

“We are united in our vision to create extraordinary destinations that not only drive economic growth and employment opportunities but also safeguard precious ecosystems, aligning seamlessly with the aspirations outlined in Vision 2030.”

Talal Ibrahim Almaiman, CEO at Kingdom Holding Company, expressed pride in partnering with RSG on one of the Kingdom’s most exciting projects, further enhancing value for shareholders. This investment forms part of the company’s broader strategy to invest in Saudi Arabia’s high-growth market.

Shura Island, the host of 11 resorts, will feature residential properties, an 18-hole championship golf course, a 118-berth marina, and an exceptional retail, dining, and entertainment experience.

This collaboration between RSG and KHC coincides with substantial growth in the Kingdom’s tourism sector, which has seen its share of GDP surge from 3 per cent to 7 per cent since the launch of Vision 2030.

The target of hosting 100 million visitors annually by 2030 has been raised to 150 million due to remarkable progress by developers like RSG.

Sarmad Zok, CEO at Kingdom Hotel Investments (UK) Ltd, a KHC subsidiary, highlighted that the Four Seasons resort and residential project will set an exemplary milestone in sustainable tourism along Saudi Arabia’s Red Sea ecosystem, emphasizing RSG’s commitment to ESG principles.

Gregory Djerejian, Group Head of Investments and Legal at RSG, described the investment deal with Kingdom Holding Company as a testament to the private sector’s confidence in their destinations, marking the beginning of a new era in regenerative tourism.

Earlier this month, The Red Sea welcomed its first guests, with two hotels open for bookings and the Red Sea International Airport receiving regular flights.

Upon full completion in 2030, the destination will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination also includes luxury marinas, golf courses, entertainment, F&B, and leisure facilities.