- ARAB NEWS
- 19 Apr 2024
Since 1975
The Red Sea Development Company (TRSDC) has signed a single multiple deal to operate nine hotels that will open in the first phase of the Red Sea development project next year.
The agreement was unveiled on the second day of the Future Investment Initiative in Riyadh and will see international hospitality firms run nine of the 16 properties under development taking over more than 1,700 hotel rooms of 3000 for the first phase of the project.
The agreements are with EDITION Hotels and St Regis Hotels & Resorts, part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences, part of global hospitality group Accor; Grand Hyatt, part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, part of InterContinental Hotels Group (IHG); and the Jumeirah Group.
The tourism development on Saudi Arabia’s west coast is set to be completed in 2030 and will offer 50 hotels with up to 8,000 hotel rooms and around 1,000 residential properties across 22 islands and six inland sites.
The site will also host a luxury marina, an 18-hole golf course, entertainment and leisure facilities, as well as an international airport that is expected to serve up to one million passengers a year by 2030.
The complex covers 28,000 square Km, including an archipelago of more than 90 islands, spanning an area the size of Belgium.
The project has so far handed out 800 contracts to firms worth over SR 20 billion.
TRSDC chief executive John Pagano said the first phase of the project is on track for completion by the end of 2023, with a total of 16 hotels set to offer 3,000 hotel rooms across five islands and two inland sites.
Pagano said: “Saudi Arabia is accelerating its development of a new tourism offering in the Kingdom, fuelled by the ambitious Vision 2030 program.
“We are proud to unveil our collection of unique and diverse hospitality brands that cater to this growing market and underpin our commitment to creating a world-leading barefoot luxury destination which will soon serve as a gateway to one of the last undiscovered places on the planet.”
