50 hotels, 8,000 hotel rooms and approximately 1,000 residential properties will open across 22 islands and six inland sites
The Red Sea Development Company (TRSDC) has announced the signing of nine hotel management agreements with international hotel brands to operate resorts in the first phase of the project.
Unveiled at the Future Investment Initiative (FII) 2021, the collection of hospitality brands is set to operate nine of the 16 properties currently under development and represent more than 1,700 hotel keys from the total of 3,000 planned for the first phase of the project.
The announced hospitality brands include: Edition Hotels and St Regis Hotels & Resorts, part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences, part of global hospitality group Accor; Grand Hyatt, part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, part of IHG Hotels & Resorts; and Jumeirah Hotels & Resorts.
Commenting on the announcement, TRSDC chief executive John Pagano said: “Saudi Arabia is accelerating its development of a new tourism offering in the kingdom, fuelled by the ambitious Vision 2030 programme. We are proud to unveil our collection of unique and diverse hospitality brands that cater to this growing market and underpin our commitment to creating a world-leading barefoot luxury destination that will soon serve as a gateway to one of the last undiscovered places on the planet.
“Most importantly, such partnerships with globally recognised and respected brands signify the growing confidence in our business, our flagship destination and in Saudi Arabia as a tourism destination.”
The announcement underscores the investment potential as Saudi Arabia continues its economic diversification in line with Vision 2030.
By 2030, the Red Sea Project expects to host one million visitors annually, capped in line with its sustainability ambitions, creating upwards of 70,000 new jobs and contributing SAR22 billion (US$5.3 billion) to the national GDP once fully operational.
TRSDC chief financial officer Jay Rosen added: “The hotel management agreements unveiled today mark a significant milestone for us and we welcome more hotel operators, developers and investors to join us in our journey to build a thriving destination for visitors from around the world.”
For more information, visit www.theredsea.sa/en