Red Sea Global announces new sailing club to improve tourism prospects

RSG’s water sports subsidiary WAMA will operate the sailing club. (Supplied) 
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Updated 01 June 2023
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Red Sea Global announces new sailing club to improve tourism prospects

RIYADH: Saudi Arabia is expected to witness a huge influx of sailors, windsurfers and tourists, with multi-project developer Red Sea Global announcing the launch of a new sailing club in the Kingdom. 

According to a press release, RSG’s water sports subsidiary WAMA will operate the sailing club. 

“Sailing is about freedom and adventure while surrounded by the beauty of the ocean. As a pioneer of regenerative tourism and with our first hotels on track to open this year, we are certain this will be a hugely popular activity among our visitors,” said John Pagano, group CEO of RSG, in the statement. 

He added: “The WAMA Sailing Club will provide everyone, regardless of background or ability, the opportunity to explore the wonders of the Red Sea archipelago, experience an exhilarating sport, learn more about marine conservation and enjoy the sense of independence and freedom sailing offers.” 

The press release further noted that the sailing club would provide activities such as sailing, crewing, trapezing and windsurfing in the Red Sea. 

Developing tourism is a crucial agenda for Saudi Arabia as it successfully pursues its economic diversification program. 

Saudi Arabia’s National Tourism Strategy aims to attract 100 million visitors by 2030, besides increasing the tourism sector’s contribution to more than 10 percent of the gross domestic product. The strategy also eyes creating an additional one million jobs in the Kingdom. 

According to RSG, the new sailing club is also expected to create employment opportunities for Saudis, boosting the hospitality sector in the Kingdom. 

“The club will also create exciting employment opportunities for Saudis and international sailors, boosting the Kingdom’s hospitality and sports sector and contributing to Saudi Vision 2030. This will include work experience for Saudi teenagers, who will be able to learn new skills and enhance their understanding of water-based careers,” said RSG in the press statement. 

UK-based RS Sailing, an international designer, builder and supplier of sailboats, is also supporting WAMA Sailing Club in its operations. 

“Our passion is inspiring more people to discover the joys of sailing. That is why our work with RSG to open this stunning stretch of coastline to the sailing community and supporting the launch of the WAMA Sailing Club is a moment of real pride for our team,” said Michiel Geerling, commercial director at RS Sailing. 

Meanwhile, RSG also announced that it has reached an agreement with US-based firm Partanna to install 11,000 carbon-negative pavers in its landscape nursery, which spans one million sq. meters. 

Partanna is widely considered a pioneer of the world’s first carbon-negative concrete, which makes use of a technology that not only avoids carbon emissions but naturally removes them from the atmosphere.

“We believe that sustainability is no longer enough. We need to find ways to restore and regenerate the planet. That is why we have committed to increasing the net conservation benefit at our destinations by 30 percent through the enhancement of habitats that ensure biodiversity can flourish, and to being carbon neutral when we become fully operational,” said Pagano about the deal. 

Rick Fox, co-founder of Partanna, added: “RSG is right, sustainability isn’t enough. We say that carbon avoidance isn’t enough either. The world desperately needs removal solutions and our technology can perform like no other, permanently locking in the carbon it absorbs.” 

 


PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

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PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.

According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.

Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries. 

The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.

AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.

AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.

Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”

He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”

Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.

AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance. 

Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.