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Red Sea Global to spend $20bn by 2024

Red Sea Global will open its first hotels this year at the new Saudi Arabian tourist destinations, Red Sea Project and Amaala.

The company, owned by Saudi sovereign wealth fund PIF, has spent $5 billion so far, according to its CEO, and will be spending another $15 billion by 2024. 

“Between Red Sea and Amaala, we will open 24 resorts – a total of over 4,200 hotel rooms – by next year,” said John Pagano during an exclusive video interview with AGBI at the Arabian Travel Market. 

The projects are estimated to contribute $9 billion to the GDP of Saudi Arabia and form part of the kingdom’s Vision 2030 diversification programme. The tourism sector accounts for 3.4 percent of GDP.

“There’s a lot of room to make tourism a bigger contributor to the economy,” said Pagano.