Gigaproject developer Red Sea Global (RSG) has completed an investment deal with Kingdom Holding Company (KHC).
The SR2bn ($533m) joint venture formed by RSG and KHC is a 50:50 partnership to develop and own the Four Seasons Resort Red Sea, Saudi Arabia, which is expected to open in early 2025.
The resort is located on Shura Island, the main hub island at the Red Sea Project. It will have 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets, meeting and events spaces, a marine discovery centre and a Kids For All Seasons space.
Talal Ibrahim Almaiman, CEO, KHC, said: “We are proud to partner with RSG in the execution of one of the kingdom’s most exciting projects and look forward to creating value for our respective shareholders. This investment will form part of our broader strategy of further investments in the Saudi Arabian high-growth market.”
Shura Island will be home to 11 resorts in total, and will include residential properties, an 18-hole championship golf course, a 118-berth marina, retail outlets and dining and entertainment venues.
RSG said in a statement that tourism in the kingdom is experiencing significant growth. Tourism's share of GDP has increased from 3 per cent to 7 per cent since the launch of Vision 2030.
The original target of hosting 100 million visitors a year by 2030 has been increased to 150 million because of progress already made.
Earlier this month, the Red Sea destination welcomed its first guests. Two of its hotels are open for bookings and Red Sea International airport is receiving a regular schedule of flights.
Upon full completion in 2030, the destination 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 also includes luxury marinas, golf courses, entertainment, food and beverage outlets and leisure facilities.
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