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Red Sea Global

RedSea claim their heat-blocking roof technology can reduce energy usage and water use in irrigation

RedSea to dig further into Egypt’s agricultural market

RedSea, an agtech business based in Saudi Arabia, is prioritising Egypt to transform the North African nation’s agricultural industry. The company has also announced the appointment of Bruno De Oliveira as vice president of Egypt and East Africa as a result of increasing customer demand for its products.   RedSea has already installed heat-blocking roofing materials […]

Saudi Arabian billionaire Prince Alwaleed bin Talal

Kingdom Holding ups stake in Citigroup with Alwaleed deal

Kingdom Holding Company has increased its investment in Citigroup after buying a $450 million stake from its Saudi Arabian billionaire chairman, Prince Alwaleed Bin Talal. The deal has raised Kingdom’s stake to 2.2 percent from 1.63 percent, according to a filing on the Saudi Stock Exchange on Wednesday. The company did not disclose any further […]

Giga-projects include the city of Neom and the Red Sea Project and Amaala tourist resorts

Saudi construction contracts balloon since 2015 

Saudi Arabia has signed off on $78 billion of construction projects so far this year, up 42 percent from $54.5 billion in 2015, just before the announcement of the Vision 2030 project.  The statistics, provided by the Saudi Contractors Authority (Scavo), show the total value of ongoing projects as of the end of October at […]

An artist's impression of the stainless steel villas at Shebara, Red Sea Global's latest luxury resort

Red Sea Global reveals own luxury resort brand

The Saudi developer Red Sea Global (RSG) will open Shebara, its own luxury resort brand, next summer at the Red Sea tourism project. The resort, on Sheybarah Island in the Al Wajh Lagoon, will house 73 keys, including overwater and beach villas. Guests can get to the resort after a 45-minute boat ride, or 20 […]

King Abdulaziz Airport Jeddah Saudi Arabia

Saudi aviation reforms to attract foreign airport operators

Saudi Arabia has unveiled reforms and new regulations to encourage more foreign investment in its aviation sector, as part of a privatisation push. The new economic policy framework aims to create a “level playing field” for global operators and investors in the kingdom, according to the president of the General Authority of Civil Aviation (Gaca). […]

Saudi Real Estate Refinance Company said the issuance had garnered interest from institutional investors

Saudi construction under pressure to deliver on its promise

The Saudi construction sector is growing as the state showers money on giga-projects while oil prices are high, but the industry is under increasing government pressure to deliver, industry players say.  A market that was previously dominated by favoured government contractors such as Binladin Group and the now defunct Saudi Oger has been liberalised. This […]

Envi project at Al Jabel Al Akhdar in Oman

Envi Lodges to launch third round of fundraising

Envi Lodges, the tented camps and eco-pods specialist, is preparing a third round of fundraising as it seeks to expand regionally and internationally. The UAE ecolodge brand and management company, founded in 2021, has already completed two funding rounds, raising $2 million from investors in Saudi Arabia, the UAE, France and the UK. Envi Lodges […]

The Red Sea Four Seasons resort will have 149 rooms and suites, plus 31 residential properties

Red Sea Global links up with Kingdom for $530m resort

Red Sea Global and Kingdom Holding Company have agreed a SAR2 billion ($530 million) joint venture to develop and own a Four Seasons resort at the Red Sea giga-project. The luxury development, scheduled to open in early 2025, will be built on Shura Island, the main hub of the 22-island giga-project. The Four Seasons resort […]

The King Abdullah University report says Saudi Arabia's coastal areas will be most at risk and suggests a range of approaches to mitigate this

Warning over climate impact of Saudi giga-projects

Saudi Arabia’s vast giga-projects could have a damaging impact on the environment if they are not managed properly, a report from a Saudi university has found.  “While diversifying the economy, giga-projects will increase the number of people living or visiting coastal areas, placing an additional burden via waste generation and disposal, water desalination and energy […]

ALEC construction One Za'abeel

Gulf contractor ALEC’s five-year plan to double business

ALEC Engineering and Contracting, the company behind some of the Gulf’s biggest projects, is looking to double its business in the next five years, with Saudi Arabia making up a core part of its plans. Developments already under their management include the UAE’s first casino and Saudi Arabia’s entertainment city. Barry Lewis, ALEC’s recently appointed […]

PIF governor Yasir Othman al Rumayyan. The issue would be PIF's second this year after it raised $5.5bn from green bonds in February

PIF’s sukuk may test investor appetite for Middle East

Saudi Arabia’s Public Investment Fund is planning to issue its first dollar-denominated Islamic bonds, but the move could be a test of investor appetite as regional tensions rise over the conflict in Gaza.  Citi, HSBC, JP Morgan and Standard Chartered Bank have been nominated as global joint co-ordinators to organise a series of investor calls […]

Red Sea's fleet of Mercedes and Lucid EVs will be used for guest transport at the resort

Red Sea Global installs Saudi Arabia’s largest EV charging network

Saudi developer Red Sea Global has installed what it says is the kingdom’s largest off-grid electric vehicle charging network. The network includes more than 150 charging stations spread across phase one of the Red Sea project. The stations are strategically located to keep Red Sea Global’s initial fleet of 80 electric Lucid and Mercedes vehicles […]

The expansion of Abha International Airport in south-west Saudi Arabia means It will handle 90,000 flights per year, three times the current amount

Huge expansion planned for Saudi’s Abha airport

Abha International Airport in the south-west of Saudi Arabia is to expand to more than six times its current size. The plans, revealed this week by Crown Prince Mohammed bin Salman, will see the terminal area of the airport increased to 65,000 square metres. It includes the construction of passenger boarding bridges, self-service facilities and […]

Nujuma, A Ritz Carlton Reserve at Red Sea Global

Saudi Arabia among biggest gainers in tourism rebound 

The Middle East is the best-performing global tourism region as the world undergoes a tourism rebound after the Covid-19 pandemic, and Saudi Arabia the second best-performing country, according to the UN’s tourism body. The United Nations World Tourism Organization said tourism in terms of traveller numbers had rebounded globally to 84 percent of levels before […]

Phase One of Saudi developer Red Sea Global's Amaala is focused on the Triple Bay masterplan and will be ready by early 2025

Solar power scaled up at Amaala giga-project

Saudi developer Red Sea Global has signed a 25-year concession agreement with France’s EDF and UAE’s Masdar to service its Amaala giga-project on the northwestern coast of the kingdom. The off-grid renewable energy system will have the capacity to generate up to 410,000 MWh per annum, enough to power 10,000 households, the companies said in […]

Saudi banks slowdown giga-projects

Saudi banks face slowdown as giga-projects take toll

Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say.  Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […]

hydrogen fuel cell

UK company strikes Mideast deal for hydrogen generators

UK hydrogen fuel cell company AFC Energy has signed an agreement with a leading Saudi marketer to sell its hydrogen generators in the Middle East and Central Asia. The deal gives Saudi Arabia’s The Machinery Group (Tamgo) exclusive rights to market AFC Energy’s alternative to diesel-powered generators in 16 countries including Saudi Arabia, United Arab […]

Red Sea Global farm co-op Tamala

Red Sea Global farm co-op builds on Saudi food plans

Saudi Arabia’s Red Sea Global has set up a farm cooperative to supply its resorts, amid wider plans to boost farming and food security. The Red Sea Farm Cooperative, also known as Tamala, aims to build on Saudi Arabia’s record agricultural production levels that were achieved last year. Farmers will be able to sell their […]

Saudi Crown Prince Mohammed bin Salman said the new logistics plan will boost partnerships with the private sector. 21 logistics centres are already under construction

Saudi Arabia to build 59 logistics centres by 2030

Saudi Arabia will have 59 logistics centres by 2030, as the kingdom aims to transform itself into a global logistics hub. Crown Prince Mohammed bin Salman unveiled the masterplan for the centres as part of ongoing initiatives under the national transport and logistics strategy. The 59 centres will have a total area of more than […]