Kingdom Holding Co. and Red Sea Global to develop Shura Island resort

 

Kingdom Holding Co. and Red Sea Global to develop Shura Island resort

Kingdom Holding Co. has established a joint venture, East Shoura III Real Estate Co., in collaboration with Red Sea Global Co. to develop a tourist resort on Shura Island along Saudi Arabia's west coast. The joint venture involves Kingdom Holding Co.'s subsidiary, Sea Front Co., and The Red Sea Investment Co. II, a subsidiary of Red Sea Global Co., as detailed in a Tadawul statement. Four Seasons Hotels and Resorts will operate the resort, with Kingdom Holding Co. having signed a SR2 billion ($533 million) deal with Red Sea Global Co. on October 24 to initiate this collaboration.

 

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The resort, anticipated to be operational by 2025, will feature 149 rooms, six restaurants, and lounge outlets. The joint venture aligns with the broader goals of Vision 2030, aiming to contribute to economic growth, job creation, and the preservation of ecosystems. John Pagano, CEO of RSG, emphasized the commitment to transforming Saudi Arabia's tourism landscape.

Kingdom Holding Co. CEO Talal Ibrahim Al-Maima stated that the partnership with RSG is a strategic move within their broader investment strategy in the high-growth Saudi Arabian market. Al-Maiman expressed pride in collaborating with RSG on one of the Kingdom's most exciting projects, aiming to create value for shareholders.

 

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The collaboration coincides with significant growth in Saudi Arabia's tourism sector, with a notable 142 percent surge in visitors during the first half of 2023, according to data from the Ministry of Tourism. Inbound travelers' spending also increased by 132 percent over the same period, reaching SR86.9 billion. The tourism sector's continuous development has led to a substantial increase in the number of tourists, particularly in the leisure segment, which exhibited a 347 percent growth compared to the first half of 2022, according to the ministry's report. 

Source: https://www.arabnews.com/