Red Sea Global
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 Red Sea Global HQ.jpg | |
 RSG headquarters in Riyadh | |
Native name | البحر الأحمر الدولية |
|---|---|
Formerly | The Red Sea Development Company (TRSDC) |
| ISIN | 🆔 |
| Industry | Sustainable Development |
| Founded 📆 | July 2018 |
| Founder 👔 | Crown Prince Mohammed Bin Salman |
| Headquarters 🏙️ | Riyadh, Saudi Arabia |
Area served 🗺️ | |
Key people | |
| Brands | |
| Members | |
Number of employees | 2,500 |
| Subsidiaries | |
| 🌐 Website | redseaglobal |
| 📇 Address | |
| 📞 telephone | |
Red Sea Global (RSG) is a vertically integrated real estate development company headquartered in Riyadh, Saudi Arabia..[1] Known as The Red Sea Development Company (TRSDC) prior to October 2022,[2] RSG was established in 2018 as part of the Saudi Arabian Vision 2030 initiative, which aims to diversify the country's economy and reduce its dependence on oil. RSG is owned by the Public Investment Fund (PIF)[3] of Saudi Arabia and is responsible for developing two luxury tourism destinations, The Red Sea and Amaala, on the west coast of Saudi Arabia.
In addition to these projects, RSG is also developing other yet-to-be-announced projects along the Saudi Red Sea coast[4] and is creating new subsidiaries to complement its ongoing developments. The company is made up of more than 3,000 staff, with over 50% of its employees being Saudi nationals.[5] It is estimated that The Red Sea and AMAALA will generate 120,000 new jobs and contribute SAR33 billion ($9bn) annually to the country's GDP from 2030 onwards.[6]
Leadership[edit]
Red Sea Global is a led by CEO John Pagano and an Executive Management team that report into a Board of Directors, chaired by Saudi Arabia's Crown Prince Mohammed Bin Salman.[7]
Projects[edit]
Red Sea Global is responsible for the development of more than a dozen projects along Saudi Arabia's Red Sea west coast, spearheaded by two new tourist destinations, The Red Sea and Amaala. These destinations are designed to meet global standards for responsible development.[8]
The Red Sea is scheduled to open in 2023 with its first three hotels[9] and due for completion in 2030 when it will offer 8,000 rooms in 50 hotels.
Amaala is scheduled to open in 2024 with its first batch of hotels and is due for completion in 2027.[10] It will be a luxury wellness destination featuring 3,000 rooms in 25 hotels.
RSG is conducting feasibility studies for additional development projects along the Red Sea coast, with announcements expected in 2024[11]
References[edit]
- ↑ "About Us | Red Sea Global". www.redseaglobal.com. Retrieved 2023-02-21.
- ↑ "TRSDC rebrands to Red Sea Global as it eyes expansion beyond the Kingdom". Arab News. 2022-10-25. Retrieved 2023-02-21.
- ↑ "PIF - Our Investments | Details Page". www.pif.gov.sa. Retrieved 2023-02-21.
- ↑ Traveler, Elite (2022-10-26). "John Pagano Sets Out Vision for Red Sea Global". Elite Traveler. Retrieved 2023-02-21.
- ↑ "Red Sea Global hiring 100 staff per month as Vision 2030 becomes reality". Hotelier Middle East. Retrieved 21 Feb 2023.
- ↑ "Pagano sees contribution of TRSDC-AMAALA tourism projects to Saudi GDP at $9bn". Arab News. 2022-05-10. Retrieved 2023-02-21.
- ↑ "Leadership - Board of Directors | Red Sea Global". www.redseaglobal.com. Retrieved 2023-02-23.
- ↑ Merlin, Lalla (2023-02-09). "Embedding sustainability in Saudi Arabia's giga-projects". Blooloop. Retrieved 2023-02-23.
- ↑ "Red Sea Project reveals which hotels will open first at the Saudi Arabia gigaproject". Hotelier Middle East. Retrieved 23 Feb 2023.
- ↑ Mumbai, Disha Shah Ghosh- (2023-02-02). "'The Indian market is an affluent and valuable audience for Red Sea Global' - TravelBiz Monitor: India travel news, travel trends, tourism". Retrieved 2023-02-23.
- ↑ "Inside Saudi Arabia's Red Sea: Everything you need to know". Arabian Business. Retrieved 23 Feb 2023.
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