Hospitality is ‘anchor’ of Red Sea project

A video on the Red Sea's potentials are shown during the Saudi Hotel Investment Conference in Riyadh. (SPA)
Updated 27 January 2019

Hospitality is ‘anchor’ of Red Sea project

  • As envisioned, the Red Sea project will be the first fully integrated luxury mixed-use destination in the Middle East offering a temperate year-round climate

JEDDAH:  The Red Sea Development Co. (TRSDC), the developer behind one of the world’s most ambitious tourism projects, outlined its recently approved master plan at the 2019 Saudi Hotel Investment Conference in Riyadh.
Jay Rosen, head of finance and investments at TRSDC, participated in this week’s event and elaborated on the investment opportunities the Red Sea project offers.
“We are not looking to sell parcels of land to other developers. Our intent is to maintain complete control over the development of the project to ensure our vision is achieved and that best practices in sustainability and governance are properly implemented,” Rosen said.
“We are exploring joint venture partnerships to develop the commercial components of the project, such as hospitality, residential, retail, entertainment, among others. And we are looking at public-private partnerships to support utility infrastructure, power generation, transportation and other hard infrastructure.”
“Hospitality is the anchor of the project. We are creating a diverse array of offerings and experiences, from mono-island luxury resorts to design-driven beachfront resorts, holistic wellness retreats and innovative, unique inland experiences in the mountains and desert dunes,” he said.
When complete, the destination will feature a planned 8,000 hotel rooms.
Rosen added that outreach from the investment community has been overwhelming and that investors have responded positively to the project.
“The Red Sea project will be the first fully integrated luxury mixed-use destination in the Middle East offering a temperate year-round climate. There is currently no competing destination in the world, so we are able to offer, for the first time, a compelling reason for international tourists to visit the Middle East and experience the richness of the culture and the famously warm hospitality of the Saudi people,” he said.
“We are well positioned against the most significant emerging trends in the luxury travel market, which center around immersive experiences. The project’s offerings will emphasize ‘being’ over ‘owning’ in a pristine environment,” said Rosen.
“It’s a very compelling combination and one that is attracting a lot of investor interest.”

 


Saudi Arabia’s King Salman meets Palestinian President Abbas

Updated 47 min 21 sec ago

Saudi Arabia’s King Salman meets Palestinian President Abbas

RIYADH: Saudi Arabia’s King Salman met with Palestinian President Mahmoud Abbas on Wednesday in the capital Riyadh.
The king welcomed Abbas and his accompanying delegation to the Kingdom, while the Palestinian president expressed his pleasure in visiting the Kingdom and meeting with the king.
During the reception, the Palestinian president was greeted by a number of princes, ministers and military sector leaders.
King Salman also hosted a luncheon in honor of the president and his accompanying delegation.