Saudi Arabia – The developer behind two of the world’s most ambitious regenerative tourism projects – The Red Sea and Amaala — has confirmed its transformation into Red Sea Global (RSG) on the sidelines of the sixth Future Investment Initiative in Riyadh.
The developer, formerly known as The Red Sea Development Company (TRSDC), aims to set new global standards in responsible development and lead the category globally.
The developer is currently overseeing the creation of the two luxury tourism destinations in the Kingdom. The Red Sea and Amaala prioritise delivering a positive impact for people and planet and are on track to place Saudi Arabia firmly on the global tourism map.
Following the successful delivery of critical milestones, and with The Red Sea destination on track to welcome 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.
“With The Red Sea 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, CEO of TRSDC.
“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.”
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.
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 it’s 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 SR33 billion annually to the kingdom’s economy on completion, evidencing the economic boon that RSG can deliver as it expands. RSG’s projects also focus on enhancing the wellbeing of communities, including comprehensive training programs for the next generation of Saudi talent.
To date, across the two live projects, the company has awarded more than 1,300 contracts worth nearly SR32 billion ($8.5 billion), with some 70 percent of the total value awarded to Saudi companies reflective of the organizations ambition to positively impact the local economy.
Over the last five years, the company has successfully launched programmes geared towards the upskill 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.
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 1500 vocational training places have also been provided and students who successfully complete the program will be employed by RSG or one of its partners.
A partnership with the University of Prince Megrin 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).
RSG’s groundbreaking 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.
The announcement today also revealed a stunning new logo concept and brand, inspired by the Red Sea, home of the organisation’s flagship projects, and the global aspirations of the company to have a positive impact on development worldwide.
Red Sea Global is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.
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