The Red Sea Development Company, the developer behind two mega regenerative tourism projects – Red Sea and Amaala – in Saudi Arabia, has rebranded and will now be known as Red Sea Global (RSG).
The announcement was made at the sixth Future Investment Initiative which was held in Riyadh earlier this week.
RSG’s mandate has now expanded to oversee upwards of a dozen projects along the length of the Red Sea coast of Saudi, “with the potential to expand beyond the Kingdom in the future,” according to a statement issued by RSG.
More than five projects are already under either feasibility studies, entering masterplan competition phase, or in which construction has already started, according to RSG.
“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,” said John Pagano, CEO at Red Sea Global.
RSG’s expanded mandate also includes the establishment of a series of subsidiary businesses to drive Saudi’s tourism sector. Such RSG-owned businesses span from the creation of a seaplane company, through to hospitality and guest experience brands.
The Amaala and the Red Sea projects are projected to contribute around SAR33 billion annually to the kingdom’s economy upon completion. The two projects which are well under construction has awarded more than 1300 contracts worth nearly SAR32 billion, with around 70 per cent of the total value reportedly awarded to Saudi companies.
As part of the rebranding exercise, Red Sea Global also unveiled its new logo concept and brand, inspired by the Red Sea, home of the developer’s flagship projects.
RSG’s approach toward responsible development has seen the company explore and implement experimental technologies and pilot programmes to 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 sustainable food production through new farming approaches.