The Red Sea Development Company (TRSDC) has signed a $400m joint venture (JV) agreement with Almutlaq Real Estate Investment Company (AREIC) to develop a luxury resort at Shura island of Saudi Arabia.
Jumeirah The Red Sea will be a 159-key resort located on the Red Sea destination’s hub island, Shura.
Shura Island is a part of the first phase of Red Sea Project, a regenerative tourism project, and will feature 11 hotels and resorts, residential units, a championship golf course, a 118-berth marina, besides retail, dining, and entertainment venues.
Phase one is currently 50% complete and is scheduled to fully finish by early 2024.
The latest announcement represents the first JV made by TRSDC.
TRSDC CEO John Pagano was quoted by the media outlet as saying: “We are delighted to partner with Al Mutlaq Group, a prominent global investment family group in Riyadh. The formation of a joint venture with their subsidiary, AREIC, demonstrates growing interest from the investment community to participate in our journey and is an encouraging reflection of their belief in not only our project but the wider tourism opportunity in the Kingdom.”
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AREIC chairman Tariq Almutlaq said: “We are extremely pleased to partner with TRSDC and its best-in-class management team on this exciting and compelling project. We have been studying the giga projects for some time, and the Red Sea is achieving its vision. The destination is coming to life, and we look forward to welcoming our first guests in 2024.”
Following completion by the end of this decade, the Red Sea Project will feature 50 resorts, providing up to 8,000 hotel rooms and over 1,000 residential properties across 22 islands and six inland sites.
It will also have an international airport, luxury marinas, golf courses, entertainment, and leisure facilities.
Image: Jumeirah The Red Sea will be a 159-key resort. Credit: bottlein from Pixabay