Tourism Breaking News
Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC). The SAR 2bn Joint Venture (JV) brings together RSG and KHC in a 50/50 partnership to develop and own the Four Seasons Resort Red Sea, Saudi Arabia, expected to open in early 2025. The highly anticipated luxury resort is situated on Shura Island, the main hub island at The Red Sea destination. It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets, meeting and events spaces, a marine discovery center, and a Kids For All Seasons space.
“This partnership strengthens our unwavering commitment to transforming the tourism landscape in Saudi Arabia. We share a common vision of creating extraordinary destinations that not only drive economic growth and job creation, but also preserve precious ecosystems, aligning perfectly with the aspirations outlined in Vision 2030,” said John Pagano, Group CEO of RSG.
Eng. Talal Ibrahim Almaiman, CEO at Kingdom Holding Company, said: ” We are proud to partner with RSG in the execution of one of the Kingdom’s most exciting projects and look forward to creating value for our respective shareholders. This investment will form part of our broader strategy on further investments in the Saudi Arabian high growth market.”
Shura Island will be home to 11 resorts in total, and will include residential properties, an 18-hole championship golf course, a 118-berth marina, and an exceptional retail, dining, and entertainment experience.
The collaboration between RSG and KHC comes at a time when tourism in the Kingdom is experiencing remarkable growth. Tourism’s share of GDP has already shot from a modest 3% to an impressive 7% since the launch of Vision 2030. The original target of hosting an astounding 100 million visitors a year by 2030 has been increased to 150 million because of the remarkable progress already made by developers such as RSG.
Sarmad Zok, CEO at Kingdom Hotel Investments (UK) ltd, a subsidiary of KHC, said: “The Four Seasons resort and residential project will set an exemplary milestone in terms of sustainable tourism along Saudi Arabia’s Red Sea ecosystem. The RSG team has a tremendous execution track record, and we are particularly drawn to the fact that our partners have embedded ESG to the core of their development vision. We are proud to contribute to its realization.“
Gregory Djerejian, Group Head of Investments and Legal at RSG, said: “Achieving this investment deal with Kingdom Holding Company is a testament to the confidence of the private sector in our destinations. Together, we are pioneering a new era in regenerative tourism.”
Earlier this month The Red Sea welcomed its first guests. Two of its hotels are open for bookings and the Red Sea International Airport is receiving a regular schedule of 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.
