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Kingdom Holding, Red Sea Global set up JV to develop $533m resort

Red Sea Global
The resort, located on Shura Island on Saudi Arabia’s west coast, will be operated by Four Seasons Hotels and Resorts

Saudi-listed Kingdom Holding Company said that it has incorporated a new joint venture with Public Investment Fund-backed Red Sea Global Company to develop a tourist resort in the kingdom.

East Shoura III Real Estate Company is the new venture between Kingdom Holding’s wholly-owned subsidiary, Sea Front Company, and RSG’s Red Sea Investment Co. II subsidiary.

The resort, located on Shura Island on Saudi Arabia’s west coast, will be operated by Four Seasons Hotels and Resorts.

In October, Kingdom Holding and RSG signed a deal worth SAR2 billion ($533 million) to develop the tourist resort.

The resort will have 149 rooms and suites, 31 residential properties, and six restaurants and lounge outlets. It is expected to open in early 2025, RSG said in an earlier statement.

Tourism’s share of GDP has risen from three percent to seven percent since the launch of Vision 2030. Accordingly, the original target of hosting 100 million visitors annually by 2030 has been increased to 150 million.

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