Red Sea Global Signs MoU with Ethmar and Ghoroos to Deliver Social Transformation
The partnership will consolidate social development objectives already underway at The Red Sea destination
Red Sea Global (formerly known as TRSDC), the developer behind the world’s most ambitious regenerative tourism projects, The Red Sea and Amaala, has signed a memorandum of Understanding (MoU) with social investment company Ethmar and private foundation Ghoroos.
The MoU was signed by RSg and Amaala’s CEO John Pagano, Ethmar’s Vice-Chairman Faris Ahmed Hamdan Al Balwi, and Mr. Ibrahim Mohamed Alsubeaei, Chairman of the Board of Trustees at Ghoroos. The MoU sets out the intention to develop a blueprint to advance agriculture in The Red Sea destination area, underpinning RSG’s commitment to developing socioeconomic opportunities in the local community.
Ethmar and Ghoroos will support The Red Sea destination's social development objectives in numerous ways, including studying and implementing agricultural development opportunities in the project area, and helping to strengthen community service and volunteer work initiatives. By enhancing its social development and investment efforts, RSG will be in a stronger position to revitalize the local area and support the local community.
In return, RSG will provide environmental and marketing expertise to support the delivery of new development solutions, align social development projects to ensure mutual benefits, and work in collaboration with new partners secured by Ethmar and Ghoroos.
The Red Sea has already passed significant milestones and work is on track to welcome the first guests by the end of 2022. Phase one, which includes 16 hotels in total, will complete in 2023.
Upon completion in 2030, The Red Sea 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 will also include an international airport, luxury marinas, golf courses, entertainment, and leisure facilities.
About Red Sea Global
Red Sea Global (RSG - www.redseaglobal.com) is a closed joint-stockcompany wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.
RSG is a global multi-project developer, seeking to lead the worldtowards a more sustainable future, showing how responsible andregenerative development can uplift communities, drive economies, andenhance the environment. The protection of natural capital is central toall development decisions, as the organization seeks to create a betterfuture for all.
A cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify itseconomy, RSG is playing a key role in transforming the nation, bycreating exciting opportunities for young Saudi talent and the privatesector, as it develops built assets and destinations across multiplesectors that make a positive impact for people and planet.
RSG is the visionary company behind some of the world’s most ambitious development ventures, including luxury regenerative tourism destinations such as The Red Sea and AMAALA.
Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects that actively enhance the wellbeing of customers, communities, and environments.