RSG and KHC complete SAR 2 billion joint venture partnership
Riyadh, October 24, 2023, Red Sea Global (RSG) has announced the successful finalization of a SAR 2 billion joint venture agreement with Kingdom Holding Company (KHC). This collaboration, established on a 50/50 partnership basis, is aimed at the development and ownership of the highly anticipated Four Seasons Resort Red Sea, Saudi Arabia, slated to open its doors in early 2025.
The luxurious resort is set to grace Shura Island, a pivotal hub for Red Sea destinations. It will feature a total of 149 rooms and suites, along with 31 residential properties. Additionally, the resort will house six dining establishments and lounge outlets, as well as facilities for meetings and events, a marine discovery center, and a Kids For All Seasons area, as detailed in an RSG press release.
John Pagano, the CEO of RSG Group, expressed that this partnership underscores their steadfast dedication to reshaping the tourism landscape in Saudi Arabia. He emphasized their shared vision of creating exceptional destinations that not only contribute to economic growth and job opportunities but also uphold and preserve vital ecosystems, perfectly aligning with the goals outlined in Vision 2030.
Eng. Talal Ibrahim Almaiman, CEO of KHC, conveyed their pride in partnering with RSG in the realization of one of the Kingdom's most exciting projects. He emphasized the commitment to delivering value to their respective shareholders, and this investment aligns with their broader strategy for further engagements in the burgeoning Saudi Arabian high-growth market.
Shura Island is poised to host a total of 11 resorts and will feature an array of residential properties, an 18-hole championship golf course, a 118-berth marina, and an exceptional array of retail, dining, and entertainment offerings.