The Saudi developer behind two ambitious tourism projects has rebranded as Red Sea Global (RSG) and revealed plans for further schemes.
Formerly known as The Red Sea Development Company (TRSDC), it is overseeing the creation of two luxury resort projects, The Red Sea and Amaala.
The Red Sea destination is on track to welcome its first visitors in early 2023.
In a statement, it said RSG’s mandate has expanded “to oversee upwards of a dozen projects stretching the length of the Red Sea coast of Saudi Arabia, with the potential to expand beyond the Kingdom in the future”.
John Pagano, group chief executive of Red Sea Global, said: “With The Red Sea and Amaala, we’ve proven our ability to realise mega-scale responsible developments that positively shape the futures of both the people who we welcome and employ, and the places in which we operate.
“The announcement today marks the start of our evolution into a truly global developer that can lead the category towards a new archetype for development.
“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.”
The two existing two projects are projected to contribute about 33 billion riyals (£7.8 billion) annually to the kingdom’s economy on completion.
Red Sea Global is owned by the Public Investment Fund (PIF) of Saudi Arabia and was established as part of Saudi Arabia’s Vision 2030, which aims to diversify the country’s economy.