Interview: John
Pagano, CEO Red Sea Global, shares development of Red Sea project
In a recent interview
with Al Arabiya English, John Pagano, CEO of Red Sea Global (RSG), shared
insights into the philosophy guiding the development of Saudi Arabia's Red Sea
project in alignment with the country's Vision 2030 initiative. Pagano
emphasized the importance of regeneration as a fundamental aspect of the
project, stating that sustainability alone cannot undo the environmental damage
of the past.
RSG's development in the Red Sea region is an ambitious
project that encompasses more than 90 islands across a 28,000 square kilometer
area, with plans for 8,000 rooms in 50 hotels and 1,000 residential properties.
Importantly, 22 of these islands will be developed to cater to travelers.
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Protecting critical habitats for endangered species is a key
priority for RSG. During surveys, it was discovered that one island was a
favored nesting ground for the critically endangered hawksbill sea turtle. In
the interest of preserving this critical habitat, the decision was made to
forgo commercial development on that island.
To ensure the protection and regeneration of the
environment, RSG has established an ecological ceiling, defining the limits
within which human activity can coexist with the Earth's ecosystem.
Cutting-edge technology, including the Internet of Things (IoT), machine
learning, and artificial intelligence, is used for real-time monitoring of
environmental conditions. Buoys equipped with sensors measure water quality
during construction, allowing prompt response to any disturbances that could
have lasting adverse effects.
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The commitment to conserving the natural surroundings
extends to various aspects of the development, including the establishment of
an off-grid electric vehicle charging network, planting 50 million mangroves by
2030, and implementing the world's first zero-carbon 5G network. RSG aims to increase
the net conservation value to 30 percent and is committed to transparency in
measuring progress.
One of the unique selling points of the Red Sea project is
its accessibility, with 80 percent of the world's population located within
eight hours of the coastal area. Furthermore, the availability of diverse
experiences and landscapes in Saudi Arabia, such as AlUla, Abha, and Taif, sets
this development apart from its regional competitors.
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Numerous major hospitality brands are establishing a
presence within the project, with RSG being selective in choosing service
providers. The development is expected to draw strong regional and domestic
demand, as well as travelers from Western Europe, Africa, and Asia.
The development marks a significant milestone for Saudi
Arabia's Vision 2030 initiative, and the opening of the Red Sea International
Airport is a key part of making it accessible to tourists. As RSG continues to
open resorts throughout 2024 and 2025, it plans to enhance its connectivity to
accommodate international travelers.
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Red Sea Project developing at a steady pace
While the company had previously considered raising funds
through an initial public offering (IPO) or a real estate investment trust fund
(REIT), these plans are not imminent. RSG's capital structure is
well-established, with equity provided by the Public Investment Fund (PIF) and
substantial debt financing for construction.
The commitment to the project remains steadfast, with
tourism now contributing significantly to Saudi Arabia's GDP, and RSG aims to
continue exceeding global averages in this regard.
John Pagano's interview provides valuable insights into the
ambitious Red Sea project's commitment to environmental preservation,
regeneration, and its contribution to the goals of Vision 2030.
Source: https://english.alarabiya.net/
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