Red Sea Global (RSG) has successfully sealed a financial deal worth SAR2 billion ($522 million) with Riyad Bank, setting a strategic course for the expansion of luxury hospitality in Saudi Arabia. This arrangement bolsters RSG’s partnership with Kingdom Holding Company in the creation of the Four Seasons Resort, poised to be a jewel in the Red Sea’s crown of tourist destinations.
John Pagano, CEO of RSG, highlighted the limitless prospects for tourism in the Kingdom, expressing pride in leading the charge to cement Saudi Arabia’s place as a global tourist hotspot. He lauded Riyad Bank for their continuing support, noting the bank’s involvement since RSG’s inaugural debt financing in 2021. Pagano also revealed details about the resort’s opulent offerings, which include 159 lavish guest rooms and a host of premium amenities on Shura Island.
From the perspective of Nadir Al-Koraya, CEO of Riyad Bank, RSG’s efforts are integral to realizing the Kingdom’s Vision 2030. He commended RSG’s commitment to sustainable and regenerative development, reflecting on the bank’s initial confidence in the venture which has been validated by the warm reception of The Red Sea’s first visitors.
The Red Sea’s inaugural guests were welcomed in 2023, with two hotels now operational and regular flights arriving at the Red Sea International Airport since September of that year. Additional highlights, such as Desert Rock and Shebara, are set to open their doors later this year, while the Shura Island resort is slated for a 2025 debut.
By 2030, the destination is expected to boast an impressive roster of 50 resorts, encompassing over 8,000 hotel rooms and 1,000 residential units spread across islands and inland sites. The expansive project will also feature upscale marinas, golf courses, and a plethora of entertainment and leisure venues, signifying a major leap forward in the Kingdom’s tourism industry.