formerly known as The Red Sea Development Company, the developer behind two of the world’s most ambitious regenerative tourism projects – The Red Sea and Amaala in Saudi Arabia, has confirmed its transformation into Red Sea Global (RSG).
“The announcement today marks the start of our evolution into a truly global developer that can lead the category towards a new archetype for development. We are powered by extraordinary people from the Kingdom and beyond, and have the skills, knowledge, and experience required to succeed on the world stage,” said John Pagano, Group CEO of Red Sea Global.
“We are not only expanding our footprint to help create massive economic opportunities – valued at hundreds of billions worth of riyals – for the people of Saudi Arabia. We also want to set new global standards in development and inspire the industry to do better.”
RSG has a growing portfolio of projects stretching along the Red Sea coast of Saudi Arabia, with more than five additional projects already under feasibility study, entering masterplan competition phase, or at which construction has already started.
The expanded mandate also includes the establishment of a series of subsidiary businesses to drive an uplift in the Saudi tourism sector and associated industries.
Such RSG-owned businesses allow the organization to maintain its stringent sustainability standards in development and operational phases, and span the creation of a seaplane company, through to hospitality and guest experience brands.
The global multi-project developer’s existing two giga projects under delivery are projected to contribute some 33 billion riyals annually to the Kingdom’s economy on completion, evidencing the economic boon that RSG can deliver as it expands.
To date, across the two live projects, the company has awarded more than 1300 contracts worth nearly 32 billion riyals ($8.5 bn), with some 70 percent of the total value awarded to Saudi companies reflective of the organization’s ambition to positively impact the local economy.
