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×The Red Sea
Overview
Developing a tourism destination along the west coast of Saudi Arabia, spanning an area of 28,000 square kilometers between Al-Wajh and Umluj cities. The destination includes a 200 kilometers coastline, with an archipelago comprising 50 resorts and hotels that are spread across 22 islands and 6 inland sites, in addition to the desert and mountain landscapes. It also includes residential, commercial and recreational facilities.
The project is developed in two phases. The first phase includes developing 5 islands, 16 hotels, including 14 marine resorts, offering up to 3,100 hotel rooms, in addition to two inland resorts. It also includes developing yacht marinas, recreational facilities, and an international airport.
The second phase sees the development of 17 islands, 48 hotels with 8,000 keys, in addition to 1,300 residential properties and six inland resorts.
Project Information
- Real Estate > Landlords and developers
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Red Sea Global (RSG) is a wholly-owned by the Public Investment Fund (PIF).
- Construction of facilities is marked to start in H2 2019, while phase 1 is expected to be completed in 2022 .The entire project is set to be completed by H2 2030.
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In Q2 2019, the company announced that it awarded Nesma Holding Company and Professional Landscape L.L.C a joint contract for the design and construction of a 100-million-square-meters landscape nursery in the project.
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In Q4 2019, the company awarded Saudi Arabia Real Estate Infrastructure & Construction Company (BINYAH) a contract to design and develop an integrated transportation network that will link coastal and inland resorts in the project.
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The company signed a contract with Foster + Partners for the design of the project’s airport. The project is slated to be completed in 2022.
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In Q1 2020, the company announced the signing of a multi-million-dollar agreement with Cisco to design a smart destination services platform and ICT master plan for the project.
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In 2020, the company announced the signing of an agreement with Cundall to provide engineering, design and sustainable solutions for the project.
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In Q2 2020, the company announced that it awarded a joint venture between Saudi-based Nesma & Partners Contracting Co. Ltd and Almabani General Contractors the airside infrastructure works contract for the project’s airport.
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In Q3 2020, the company announced the completion of construction works for the first kilometer of the road network, under the contract signed with BINYAH in Q1 2019, to design and develop an integrated transportation network that will link coastal and inland resorts in the project.
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In Q4 2020, the company announced that it awarded a contract to design, build and operate the infrastructure for the project facilities to a consortium led by ACWA Power to supply the project and its facilities with about 650,000 MW. The contract includes a storage system utilizing a battery energy storage system (BESS) plant with a capacity of 1000 MW. The contract also includes construction of two seawater reverse osmosis (SWRO) plants with a total capacity of 32,500 cubic meters per day.
- In Q4 2020, the company announced the signing of a contract with AlKifah Contracting Co. to develop 40 residential buildings that include single and double housing units in Turtle Bay (workers village).
- In Q4 2020, the company announced that it awarded a contract to Mott MacDonald to provide consultancy services.
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In Q4 2020, the company announced the signing of two contracts with two Saudi companies to provide all services related to maintenance, security, catering, and other services.
- In Q4 2020, the company announced the signing of a SAR 210 million contract with The Red Sea Development Company (TRSDC), to provide facility management, operations and maintenance services as well as other life support services to the worker accommodation facilities owned by TRSDC in its project.
- In Q1 2021, the company announced the signing of a contract with daa International to operate the project’s airport.
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In Q1 2021, the company announced that it awarded two contracts to Saudi company Al Bawani and Swiss timber construction company Blumer Lehmann to support the development plans and structural work of its luxury hotels and resorts within the project.
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The company announced that the project reached significant milestones in development work and is expected to receive guests by the end of 2022 with the opening of the international airport and the first four hotels.
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The company announced that the estimated cost of the project is between SAR 12 and SAR 14 billion.
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In Q1 2021, the company signed a contract with Gartner to provide consulting services regarding the technical procurements of the project.
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In Q2 2021, the company announced that it awarded the contract to design and build infrastructure of Turtle Bay (workers village) to Contracting & Construction Enterprises Ltd (CCE).
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In Q2 2021, ACWA Power signed a Memorandum of Understanding (MoU) with Neutral Fuels to supply the project with net zero biofuel.
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In Q2 2021, the company announced the appointment of ARCHIRODON to design and build a 1.2km iconic bridge as a part of the 3.3km crossing that will connect the project’s main hub island, Shura to the mainland.
- In Q2 2021, the company announced that the cost of the first phase will exceed SAR 30 billion.
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The company unveiled design plans for the mountain resort “Desert Rock”. The resort includes 48 villas and 12 suites. Construction work of the project started in Q3 2021.
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In Q4 2021, the company announced that it will soon unveil two new hotels within the project.
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The company announced that it aims to open the first three hotels by the end of 2022, while the remaining 16 hotels will open by the end of 2023.
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In Q4 2021, the company signed a memorandum of understanding (MoU) with SABIC's affiliate, Hadeed, to provide steel supplies and solutions for the project.
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The company announced the signing of a cooperation agreement with Marriott International to launch the Ritz-Carlton Reserve under the brand name “Nujum”. The property comprises 1–4 bedroom 63 beach villas, in addition to restaurants, shops, and other luxurious amenities and exceptional services.
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In Q3 2022, the company announced that it entered into a SAR 1.5 billion joint venture (JV) agreement with Almutlaq Real Estate Investment Co. (AREIC), a subsidiary of the Al Mutlaq Group (AMG), to develop Jumeirah The Red Sea, a 159-key luxury resort situated on the project’s hub island, Shura.
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In Q4 2022, the company announced the opening of Shura bridge, which connects the mainland with the project’s hub island.
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In Q4 2022, the company announced the establishment of a new resort under the name “The Faena resort” in partnership with Faena Group. The new resort will be located on the southern side of the hub island, and will include hotel suites, three-and four- bedroom 150 villas with a private pool. The project is set to be opened in 2024.
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The company announced that the project will be launched by the end of Q1 2023, through the inauguration of three resorts. The first phase of the project will be completed by 2024-end, through launching 16 resorts.
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In Q1 2023, the company announced that the project’s first phase is 50% complete and it will be entirely completed in 2024. The company is targeting to lunch three hotels in 2023.
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On April 10, 2023, Estithmar Holding announced that its subsidiary, Elegancia Arabia Trading Company, was awarded the MEP package works for three hotels under construction on Shura Island.
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On April 19, 2023, the company announced that construction work is nearing completion, and the Red Sea International Airport is getting ready to receive passengers.
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On October 10, 2023, the company announced the launch of the project’s first phase, and it started receiving visitors from all over the world.
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On January 18, 2024, the company announced that it opened its second resort “St. Regis Red Sea Resort”, situated on Ummahat Island in the Al Wajh Lagoon.