Red Sea Global and Hyundai Motor Group drive eco-friendly mobility solutions in developer’s luxury resorts
- Red Sea Global (RSG) and Hyundai Motor Group seek opportunities to deploy eco-friendly and innovative mobility solutions in luxury resorts in Saudi Arabia.
- Agreement calls for short-term validation and rollout of eco-friendly vehicles, and mid- to long-term exploration of autonomous vehicles and Advanced Air Mobility (AAM).
RIYADH, 25 March 2024: Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and AMAALA, and Hyundai Motor Group (the Group) have agreed to collaborate on deploying eco-friendly mobility solutions in RSG’s luxury resorts in Saudi Arabia while exploring opportunities to implement innovative future mobility solutions.
RSG and The Group signed a Memorandum of Understanding (MoU), with John Pagano, Group CEO of Red Sea Global, and Dongkun Lee, Head of the Future Growth Strategy Sub-Division at Hyundai Motor Group, attending the ceremony at Red Sea Global Headquarters in Riyadh on March 24.
Under the MoU, RSG and the Group will jointly explore potential opportunities in various fields. In the short term, both parties will focus on validating and deploying the Group’s eco-friendly mobility solutions, such as battery electric and hydrogen fuel cell vehicles. In the mid to long term, they will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility (AAM) and maritime vessels.
Dongkun Lee, Head of the Future Growth Strategy Sub-Division at Hyundai Motor Group, said: “This partnership signifies our shared commitment to a sustainable and innovative mobility future for humanity. We will accelerate the validations and explore more long-term goals to build a greener and smarter ecosystem in the region.”
The Group’s comprehensive eco-friendly business portfolio, ranging from individual mobility solutions to extensive charging infrastructure, provides a wide range of opportunities. Based on this, the partnership is expected to boost the Kingdom's Vision 2030 strategy to achieve a net-zero emission society by 2060, accelerating the country’s transition to a green economy.
Last year The Red Sea welcomed its first guests, and the Red Sea International Airport has been receiving a regular schedule of domestic flights since September 2023 – international flights are set to commence imminently. Two of the destination’s hotels are open, with three more on track to open this year.
A second destination, Thuwal Private Retreat, will also open this year. AMAALA remains on track to welcome first guests in 2025, when the first resorts complete as part of Triple Bay phase one, along with Corallium and the iconic Yacht Club.
About Red Sea Global
Red Sea Global (RSG - www.redseaglobal.com) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) ofSaudi Arabia.
RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and regenerative development can uplift communities, drive economies, and enhance the environment. The protection of natural capital is central to all development decisions, as the organization seeks to create abetter future for all.
A cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify its economy, RSG is playing a key role in transforming the nation, by creating exciting opportunities for young Saudi talent and the private sector, as it develops built assets and destinations across multiple sectors 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.
