The Red Sea Development Co. signs hotels deal with nine international brands

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Updated 29 April 2022
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The Red Sea Development Co. signs hotels deal with nine international brands

  • International brands to run nine out of 16 properties belonging to The Red Sea Development Co.
  • Agreements were announced on day two of the Future Investment Initiative in Riyadh

The Red Sea Development Company (TRSDC) has signed a single multiple deal to operate nine hotels that will open in the first phase of the Red Sea development project next year.

The agreement was unveiled on the second day of the Future Investment Initiative in Riyadh and will see international hospitality firms run nine of the 16 properties under development taking over more than 1,700 hotel rooms of 3000 for the first phase of the project.

The agreements are with 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 InterContinental Hotels Group (IHG); and the Jumeirah Group.

The tourism development on Saudi Arabia’s west coast is set to be completed in 2030 and will offer 50 hotels with up to 8,000 hotel rooms and around 1,000 residential properties across 22 islands and six inland sites.

The site will also host a luxury marina, an 18-hole golf course, entertainment and leisure facilities, as well as an international airport that is expected to serve up to one million passengers a year by 2030.

The complex covers 28,000 square Km, including an archipelago of more than 90 islands, spanning an area the size of Belgium.

The project has so far handed out 800 contracts to firms worth over SR 20 billion.

TRSDC chief executive John Pagano said the first phase of the project is on track for completion by the end of 2023, with a total of 16 hotels set to offer 3,000 hotel rooms across five islands and two inland sites.

Pagano said: “Saudi Arabia is accelerating its development of a new tourism offering in the Kingdom, fuelled by the ambitious Vision 2030 program.

“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 which will soon serve as a gateway to one of the last undiscovered places on the planet.”


Qatar issues 28k commercial registrations in 2025, up 57%

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Qatar issues 28k commercial registrations in 2025, up 57%

JEDDAH: Qatar reported the issuance of nearly 28,000 commercial registrations in 2025, marking a 57 percent annual increase, according to official data.

The announcement came during the Ministry of Commerce and Industry’s fourth quarterly performance review for 2025, according to Qatar News Agency, or QNA.

The meeting was chaired by Sheikh Faisal bin Thani bin Faisal Al-Thani, minister of commerce and industry, and attended by Minister for Foreign Trade Ahmed bin Mohammed Al-Sayed, Undersecretary of the MoCI Mohammed bin Hassan Al-Malki, as well as assistant undersecretaries and department directors.

The growth in commercial registrations aligns with Qatar National Vision 2030, the country’s long-term development framework aimed at transforming the economy into a diversified, competitive, knowledge-based system that reduces dependence on hydrocarbons and expands private sector participation.

The trade sector has exhibited notable progress. The ministry issued 28,000 commercial registrations in 2025, alongside 34,500 business licenses, up 53 percent from 2024.

Additionally, 16 auditors were registered, and eight accounting firms and offices were licensed during the year.

The ministry’s Single-Window business service portal continued to expand its services, introducing 26 new initiatives in 2025. A total of 239,593 transactions were processed through the platform, 93 percent of which were completed electronically, reflecting the efficiency of digital transformation efforts, QNA reported.

“Customer satisfaction with electronic services reached 95 percent in the fourth quarter,” the agency added.

In attracting foreign investment, 12,449 non-Qatari companies were established in 2025, representing a 600 percent increase compared to 2024, highlighting the attractiveness of Qatar’s investment environment and investor confidence.

Intellectual property protection also improved. In 2025, 255 patents were granted, a 6 percent increase from the previous year, while trademark registrations reached 9,218, up 23 percent, and 258 copyright registrations were granted, an 89 percent increase on 2024.

In the industry and business development sector, manufacturing contributed approximately 14.2 billion Qatari riyals ($3.9 billion) to gross domestic product in the third quarter of 2025. The sector expanded with 39 new factories registered during the year, and the readiness of 100 factories was assessed under the Smart Industry Readiness Index.

Investments in new factories in the fourth quarter totaled 758 million riyals, while cumulative industrial sector investment reached 270 billion riyals.

To improve the business environment and support the private sector, QNA added that 10 public-private partnership projects were reviewed in 2025.

Licensing procedures for industrial permits, preliminary approvals, and customs exemptions for factory inputs were reduced to one working day in the fourth quarter.

In the consumer sector, efficiency improved with 18,400 special permits issued for discounts and promotions, a 26 percent increase from 2024, and processing times were reduced to less than one working day.

The average time to process price increase requests decreased from two days to one day in the fourth quarter, with an annual average of 25 days in 2025, a 63 percent reduction from 2024.

Additionally, 229,000 inspections were conducted during the year, with violations recorded in 19 percent of establishments, mostly due to absence from registered locations.

Consumer complaints totaled 23,400 and were fully resolved. Support programs benefited 450,000 recipients under food supply programs and 8,535 recipients under fodder support during the fourth quarter.

Concluding the meeting, the minister emphasized the importance of maintaining an integrated institutional approach focused on enhancing efficiency, accelerating digital transformation, and improving service quality to boost national economic competitiveness and achieve the objectives of Qatar National Vision 2030.