RSG says int’l buyers account for 10% of SAR 2B residential portfolio sales

Greg Djerejian, Chief Investment and Legal Officer of Red Sea Global (RSG)

Greg Djerejian, Chief Investment and Legal Officer of Red Sea Global (RSG), said that sales of the company's residential portfolio have so far reached approximately SAR 2 billion, with international buyers accounting for around 10% of the total.

The regulations allowing non-Saudis to own real estate in designated geographical zones, including the Red Sea destination, will expand the pool of potential investors and buyers and support the development of vibrant and sustainable residential communities within the Red Sea and AMAALA destinations, he told Argaam.

The official added that the company welcomes the regulatory updates that facilitate international buyers' entry into the Saudi real estate market, noting that they reinforce the company's existing strategy without requiring any changes to its development plans or investment approach.

Stephen Cheesebrough Head of Development at RSG

For his part, Stephen Cheesebrough, Head of Development at RSG, said that international buyers currently account for around 10% of the total number of buyers across the Red Sea and AMAALA projects, noting that the company had already seen international interest in both developments even before the new regulations were introduced.

He told Argaam that it is still too early to measure the full impact of the regulations, but they have helped raise international awareness of the opportunities available in the Kingdom and strengthened its image not only as a destination to visit but also as an attractive market for property ownership and long-term investment.

Cheesebrough expects the share of international buyers to increase as more projects open, the global profile of the two destinations grows, and buyers are given the opportunity to visit and see the resorts, residential communities, airports, golf courses, marinas, and infrastructure firsthand.

Portfolio includes around 1,600 residential units

Djerejian said that residential units represent one of RSG’s key pillars, not only from a commercial perspective but also because of their role in building sustainable long-term communities.

He explained that Shura Island will offer 305 residential units, including both internationally branded and standalone residences, alongside a range of leisure, retail, and lifestyle offerings.

RSG has developed 21 exclusive villas available for purchase at Nujuma, a Ritz-Carlton Reserve, while the AMAALA destination includes 349 residential units available for sale, he added.

The Laheq Island, the company's first development dedicated primarily to residential communities, will comprise around 750 homes, offering a new concept of luxury coastal living.

For his part, Cheesebrough said the company's residential portfolio totals around 1,600 units, adding that around 20% of the units released for sale remain available, with the percentage varying across different communities and residential clusters.

He confirmed that the company will continue releasing residential units in phases, in line with construction progress, destination readiness, and the nature of each residential community, noting that the expansion of the buyer base is not, by itself, a reason to increase supply in an unplanned manner.

Maintaining a limited number of residential units is essential to preserving privacy, quality, and long-term value, while the most significant impact of the new regulations lies in how the real estate portfolio is presented to the market, expanding engagement with international buyers and real estate specialists, and providing clearer information on ownership procedures, according to Cheesebrough.

No change to development plans

Djerejian said that RSG's residential strategy has, since the initial planning of the Red Sea and AMAALA destinations following the launch of Saudi Vision 2030, been based on long-term demand and a phased, carefully planned development and execution strategy.

While the new regulations will broaden the pool of potential buyers, they will not alter the company's development plans or project timelines, said the official, stressing that the company has reached the final stages of developing the current phase of both destinations.

Djerejian also noted that, as a developer, the company continues to explore future growth opportunities and establish strategic partnerships across its projects, explaining that a regulatory environment that facilitates international investment inflows enhances the attractiveness of the Saudi market and supports the company's ability to attract capital as it expands its project portfolio.

Cheesebrough said that the new regulations make the Saudi real estate market more accessible to international capital and open the door to a broader range of investors, including individuals, family offices, investment funds, and global property developers.

He explained that the value of a partner is measured not only by the amount of financing it provides, but also by its expertise, operational capabilities, global presence, and alignment with the company's long-term standards.

SAR 93.7 billion in awarded contracts

Regarding business activity and investments, Djerejian said that the total value of contracts awarded by RSG reached SAR 93.7 billion by June 2026, across 24,436 contracts.

He added that 85% of the total contract value had been awarded to companies headquartered in Saudi Arabia, creating new opportunities for national companies, developing local capabilities, and supporting employment across the Kingdom.

RSG is developing luxury tourism destinations with investments worth billions of riyals, fundamentally based on the principles of sustainability and environmental regeneration, according to the official.

He noted that the company's investment strategy is implemented through a phased approach aligned with project delivery targets, explaining that RSG does not operate with publicly announced annual investment targets or a single overall program value, but instead allocates investments according to the requirements of each development asset.

He added that the investment program will continue alongside development activities through 2027, and that as the main destinations transition from development to operations, the nature of investments will gradually evolve.

He further stated that while construction will continue on future phases and projects, including Laheq Island, the focus will increasingly shift towards operational excellence, commercial performance, and enhancing the guest experience.

Strategic financing and investments

The company has successfully secured strategic financing and investments from financial institutions and local, regional, and international partners, including a SAR 14.12 billion financing facility for the Red Sea Project, Cheesebrough said.

This financing is the first Saudi riyal-denominated credit facility to receive green financing accreditation, said the official, adding that the AMAALA project has also secured a SAR 6.5 billion credit facility.

He added that stc Group invested SAR 1.2 billion in the destinations' smart infrastructure, while the company has also entered into joint ventures and partnerships with global hospitality brands, including Four Seasons and Jumeirah.

He said these financing arrangements and joint ventures reflect the confidence of financial institutions and local and international partners in the quality of the destinations and their long-term potential.

Fourteen resorts currently in operation

On operational progress, Cheesebrough said that the Red Sea and AMAALA destinations currently include 14 operating resorts, offering a total of 1,916 hotel rooms.

He explained that 11 of the operating resorts are located at the Red Sea destination, while AMAALA includes three resorts: Four Seasons AMAALA, Six Senses AMAALA, and Darah.

The Red Sea destination has expanded rapidly since welcoming its first visitors in 2023, while AMAALA welcomed its first guests in 2026, according to the official

He noted that the opening of Four Seasons Resort and Residences Red Sea and Four Seasons Resort and Residences AMAALA marks an important milestone in the transition of both projects to a stage where hospitality facilities are integrated with residential communities.

12 resorts to open during 2026 and 2027

Cheesebrough said the next phase includes the opening of six additional resorts at the Red Sea destination, namely Rosewood, Raffles, Jumeirah, Faena, Grand Hyatt, and Fairmont.

RSG also plans to open six more resorts at AMAALA: Clinique La Prairie Resort, Jayasom Wellness Resort, Rosewood, Equinox Resort and Residences AMAALA, The Ritz-Carlton Resort, and Nammos Resort, he added.

He also explained that these resorts will open progressively throughout 2026 and 2027, depending on the operational readiness of each project.

Meanwhile, Djerejian said that the addition of the Thuwal Private Retreat, located off the coast of Jeddah and opened in 2024, will bring the company's total number of resorts to 27 once all planned openings are completed.