RIYADH: The Red Sea Development Co., known as TRSDC, has rebranded to Red Sea Global, the company announced during the sixth edition of Future Investment Initiative in Riyadh on Oct. 25.
RSG is currently overseeing the creation of two luxury tourism destinations in Saudi Arabia: The Red Sea and AMAALA. The developments will support the country’s ambitions to become a global tourism hub, in line with the goals set out in the Kingdom’s Vision 2030.
According to a press release, The Red Sea destination is expected to welcome its first visitors in early 2023, and 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.
“With The Red Sea and AMAALA we’ve proven our ability to realize 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 RSG's group CEO John Pagano.
He added: “The announcement today marks the start of our evolution into a truly global developer that can lead the category toward 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.”
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 studies, some entering the masterplan competition phase, and others in which construction has already started.
The press release further noted that the Red Sea and AMAALA projects, upon completion, are expected to contribute SR33 billion ($8.78 billion) to the Kingdom’s economy annually.
According to the release, through the Red Sea and AMAALA projects, the company has awarded more than 1300 contracts worth nearly SR32 billion, with some 70 percent of the total value awarded to Saudi companies.