Coral Bloom to account for 80% of developed hotels in phase I of Red Sea project: Pagano

The Coral Bloom designs aimed to meet travelers’ demand during and post-COVID-19 pandemic. (Argaam)
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Updated 13 February 2021
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Coral Bloom to account for 80% of developed hotels in phase I of Red Sea project: Pagano

  • TRSDC will continue developing resorts, and expects to receive visitors by the end of 2023

Coral Bloom’s gateway island Shurayrah will represent 80% of developed hotels in the first phase of The Red Sea project, CEO of The Red Sea Development Company (TRSDC), John Pagano, told Al-Eqtisadiah paper reported.

Shurayrah will play a key role in contributing to the Kingdom’s GDP.

TRSDC will continue developing resorts, and expects to receive visitors by the end of 2023.

The Coral Bloom designs aimed to meet travelers’ demand during and post-COVID-19 pandemic, which changed significantly in the last 12 months, he added.

Saudi Arabia's Crown Prince Mohammed bin Salman launched, Feb. 10, the nature-inspired Coral Bloom designs for the 11 unique resorts on the Red Sea project’s hub island. 


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.