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Red Sea Global to open Thuwal island resort in weeks

By Andrew Hammond
A concept image of the Thuwal island resort. New hotels there are due to open in weeks Red Sea Global
A concept image of the Thuwal island resort. New hotels there are due to open in weeks
  • Island is second new Red Sea site
  • More Amaala hotels due next year
  • Other giga-projects slowing

Saudi giga-project Red Sea Global will open hotels at a second site within weeks and more at a third location will open next year, the luxury resort developer said this week. 

The company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will open a private island called Thuwal just north of Jeddah, followed by eight resorts at its Amaala location further up the coast. 

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Valued by real estate consultant Knight Frank at $23.6 billion, Red Sea Global opened its first hotels last year at its The Red Sea resort on Saudi Arabia’s eponymous coast. 

The resorts are served by the purpose-built Red Sea International Airport which has been operating twice-weekly flights to Dubai since April. 

Saudi Arabia is on a drive to make tourism account for 10 percent of GDP by 2030. 

Almost half of tourism is religious, while the PIF-owned giga-projects, which include Neom, Diriyah and AlUla, are focused on affluent wellness, adventure and cultural tourism. 

Some of the giga-projects are facing delays as the government runs into funding problems due to oil prices being below a budget breakeven figure estimated this year at $96 per barrel, and lower than expected foreign investment.

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