The developer behind two ambitious regenerative tourism projects in Saudi Arabia has confirmed its transformation into Red Sea Global (RSG) at the Future Investment Initiative in Riyadh.
In a statement, the developer formerly known as The Red Sea Development Company (TRSDC), said that it is currently overseeing the development of two luxury tourism destinations in the Kingdom – The Red Sea Project and AMAALA. These projects prioritise delivering a positive impact for people and planet and are on track to place Saudi Arabia firmly on the global tourism map, it added.
“With The Red Sea Project 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,” said John Pagano, Group CEO of Red Sea Global.
In August 2022, Ian Williamson, Group Chief Projects Delivery Officer at RSG shared his thoughts on the project’s numerous achievements over the past five years exclusively with Middle East Construction News (MECN).
“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 powered by extraordinary people from the Kingdom and beyond, and have the skills, knowledge, and experience required to succeed on the world stage. 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.”
Following the successful delivery of critical milestones, and with The Red Sea destination on track to welcome its first visitors in early 2023, 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, he added.
RSG has a growing portfolio of projects stretching along the Red Sea coast of Saudi Arabia, with more than five additional projects already under feasibility study, entering masterplan competition phase, or at which construction has already started, Pagano said.
In early September 2022, RSG said contracts worth $1.7bn had been signed for AMAALA to date.
The expanded mandate also includes the establishment of a series of subsidiary businesses to drive an uplift in the Saudi tourism sector and associated industries. Such RSG-owned businesses allow the organisation to maintain its stringent sustainability standards in development and operational phases, and span the creation of a seaplane company, through to hospitality and guest experience brands.
The global multi-project developer’s existing two giga projects under delivery are projected to contribute some US $8.77bn annually to the Kingdom’s economy on completion. RSG’s projects also focus on enhancing the wellbeing of communities, including comprehensive training programs for the next generation of Saudi talent, the company said.
To date, across the two live projects, the company has awarded more than 1,300 contracts worth nearly $8.5bn, with some 70% of the total value awarded to Saudi companies – which is reflective of the organisation’s ambition to positively impact the local economy.
Late in September 2022, RSG unveiled the design for the Red Sea Marine Life Institute at AMAALA.
Over the last five years, the company has successfully launched programs geared towards the up-skill and training of young Saudis. Such efforts support the creation of a pool of talent, which will power the delivery of the Groups portfolio of projects and the wider growth of the tourism sector in the Kingdom, the firm noted.
Other initiatives include the Elite Graduate Program which has brought in more than 120 fresh graduates to the organisation for on-the-job training over the last four years, with the next batch of graduates set to join in early 2023. An additional 1,500 vocational training places have also been provided and students who successfully complete the program will be employed by RSG or one of its partners, the statement pointed out.
A partnership with the University of Prince Mergin provided 220 scholarships so far with 50 more set to be provided in 2023. The undergraduate studies, leading to a Bachelor of Science Degree in International Hospitality Management, which is accredited by the prestigious Ecole hôtelière de Lausanne (EHL).
In early October 2022, RSG confirmed daa International as the operator of the Red Sea International airport.
RSG’s approach toward responsible development has seen the company explore and, in some cases, implement experimental technologies and pilot programs to help 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 even sustainable food production through new farming approaches, it stated.
The rebrand of the organisation also includes a new logo concept and brand inspired by the Red Sea, which is home to the organisation’s flagship projects. It also reflects the global aspirations of the company as it aims to have a positive impact on development worldwide, the statement concluded.