Red Sea Global eyes new finance options
The developer said that it may leverage current successes to pursue IPO and REITs options
Red Sea Global’s (RSG) CEO, John Pagano, has said that the regenerative and sustainable developer is currently considering a range of alternative financing options. This includes the possibility of launching an initial public offering (IPO), or converting assets into real estate investment trusts (REITs).
This comes at a time when the company is fully focused on leveraging current momentum, with resorts such as Amaala set to be fully operational by year-end and a raft of further hotel openings slated for Q3 & Q4.
Shoura Island, the flagship of the Red Sea destination, will welcome guests this year at 11 luxury resorts operated by global hospitality brands, including Rosewood, Four Seasons, Grand Hyatt, Edition and Raffles.
Six resorts have opened under the Red Sea destination so far, including Desert Rock and Shebara, which are fully owned and operated by RSG. The exclusive Thuwal Private Retreat has also been unveiled as the company’s third destination.
RSG has also launched residential offerings on Shoura and Ummhat islands, in addition to announcing Lahak Island earlier this year, which drew strong local and international attention, said a report.
Amaala will feature wellness and hospitality brands such as Jayasom, Six Senses, Rosewood, Equinox, and Clinique La Prairie.
