RIYADH, SAUDI ARABIA – Red Sea Global (RSG) announced on Tuesday the successful completion of an investment deal with Kingdom Holding Company (KHC).
The US$533 million (SAR2 billion) joint venture brings together RSG and KHC in a 50/50 partnership to develop and own the Four Seasons Resort Red Sea, Saudi Arabia, expected to open in early 2025.
The highly anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets, meeting and events spaces, a marine discovery center, and a Kids For All Seasons space, according to an RSG press release.
“This partnership strengthens our unwavering commitment to transforming the tourism landscape in Saudi Arabia,” said RSG Group CEO John Pagano.
“We share a common vision of creating extraordinary destinations that not only drive economic growth and job creation, but also preserve precious ecosystems, aligning perfectly with the aspirations outlined in Vision 2030,” he said.
KHC CEO Eng. Talal Ibrahim Almaiman 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.”
He said, “This investment will form part of our broader strategy for further investments in the Saudi Arabian high growth market.”
Shura Island will be home to a total of 11 resorts, and will include residential properties, an 18-hole championship golf course, a 118-berth marina, and an “exceptional retail, dining, and entertainment experience”.