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Red Sea Global sets sights on becoming world’s most responsible developer

Published

25 Oct 2022

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Red Sea Global sets sights on becoming world’s most responsible developer

Published

25 Oct 2022

Share

• Saudi developer behind some of the world’s most ambitious projects evolves into Red Sea Global, with ambition to set new global standards in responsible development and lead the category globally.

• Group reveals multiple new projects underway in the Kingdom and subsidiary brands set to be launched.

 


 

Riyadh, (25 October 2022): The developer behind two of the world’s most ambitious regenerative tourism projects has confirmed its transformation into Red Sea Global (RSG) on the sidelines of the sixth Future Investment Initiative in Riyadh.

The responsible developer, formerly known as The Red Sea Development Company, is currently overseeing the creation of two luxury tourism destinations in the Kingdom.

THE RED SEA and AMAALA prioritize delivering a positive impact for people and planet and are on track to place Saudi Arabia firmly on the global tourism map.

Following the successful delivery of critical milestones, and with THE RED SEA destination on track to welcome first visitors in early 2023, RSG’s mandate has expanded to oversee upwards of a dozen projects stretching the length of the Red Sea coast of Saudi Arabia, with the potential to expand beyond the Kingdom in the future.

 

“With The Red Sea and AMAALA we’ve proven our ability to realize mega-scale responsible developments that positively shape the futures of both the people who we welcome and employ, and the places in which we operate,”
Said John Pagano, Group CEO of 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. 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.”

he added.

 

 

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 it’s 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. RSG’s projects also focus on enhancing the wellbeing of communities, including comprehensive training programs for the next generation of Saudi talent.

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 organizations ambition to positively impact the local economy.

Over the last five years, the company has successfully launched programs geared towards the upskill and training of young Saudis. Such efforts support the creation of a pool of talent, which will power the delivery of the Groups portfolio of projects and the wider growth of the tourism sector in the Kingdom.

Initiatives include the Elite Graduate Program which has brought in more than 120 fresh graduates to the organization for on-the-job training over the last four years, with the next batch of graduates set to join in early 2023. An additional 1500 vocational training places have also been provided and students who successfully complete the program will be employed by RSG or one of its partners."

A partnership with the University of Prince Megrin provided 220 scholarships so far with 50 more set to be provided in 2023.

 


 

The undergraduate studies, leading to a Bachelor of Science Degree in International Hospitality Management, which is accredited by the prestigious Ecole hôtelière de Lausanne (EHL). RSG’s groundbreaking approach toward responsible development has seen the company explore and, in some cases, implement experimental technologies and pilot programs to help solve some of the world’s most complex and pressing challenges, such as off-site manufacturing and modular construction methods at scale, green concrete to limit emissions, destination-wide clean mobility strategies, and even sustainable food production through new farming approaches.

The announcement today also revealed a stunning new logo concept and brand, inspired by the Red Sea, home of the organization’s flagship projects, and the global aspirations of the company to have a positive impact on development worldwide. 

About Red Sea Global

Red Sea Global (RSG - www.redseaglobal.com ) is a closedjoint-stockcompany wholly owned by the Public Investment Fund (PIF) ofSaudiArabia. It is a vertically integrated real estate developer withadiverse portfolio across tourism, residential,experiences,infrastructure, transport, healthcare, and services. Thisincludes theluxury regenerative tourism destinations The Red Sea, whichbeganwelcoming guests in 2023, and AMAALA, which remains on track towelcomefirst guests in 2025.
A third destination, Thuwal PrivateRetreat, willopen this year, and RSG has also been entrusted withrefurbishment worksat Al Wajh Airport, focused on upgrading the existingterminal andinfrastructure, and building a new international terminal.RSG is acornerstone of Saudi Arabia’s ambition to diversify its economy.Acrossits growing portfolio of destinations, subsidiaries andbusinesses, RSGseeks to lead the world towards a more sustainablefuture, showing howresponsible development can uplift communities, driveeconomies, andenhance the environment.

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.

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