Red Sea Global targets Italy in first step beyond Saudi: Pagano

John Pagano, CEO of Red Sea Global (RSG)

Red Sea Global (RSG), which is owned by the Public Investment Fund (PIF), plans to expand beyond Saudi Arabia, with a first project abroad focused on tourism and hospitality in Italy, CEO John Pagano told Reuters.

"Our ambitions are beyond just the Saudi Arabian market," Pagano said in an exclusive interview at the Reuters NEXT Gulf summit in Abu Dhabi, adding the project would fit RSG's model.

"Travelers today are looking for something different. Travelers are looking to travel sustainably. So if you can come to a destination that has worked in harmony with the environment, that has protected nature, that has thriving coral reefs that in and of itself is attractive for guests," he said

The CEO also mentioned that RSG is working on opening 17 new resorts in The Red Sea Destination by May 2026.

The company announced, on Sept. 15, that the first resorts and tourist attractions on Shura Island will begin welcoming guests in the coming weeks.

In October 2023, RSG announced the launch of the first phase of the Red Sea destination, as it started receiving foreign visitors, data available to Argaam showed.

The Red Sea project will have 50 resorts and hotels when it is finished in 2030, offering up to 8,000 hotel rooms and 1,300 residential properties spread across 22 islands and six inland sites.

It will also include luxurious marinas, golf courses, and several leisure and entertainment facilities.