Red Sea International Airport on course to become operational before year-end 

An impression of the airport (File)
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Updated 02 August 2023
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Red Sea International Airport on course to become operational before year-end 

JEDDAH: The solar-powered Red Sea International Airport is set to become operational in a few months, according to a press release by Red Sea Global, the multi-project developer behind the regenerative tourism destination.  

RSG, wholly owned by Saudi Arabia’s Public Investment Fund, has released an update on the progress of the first phase of the Red Sea destination, marking six years since the company was first announced by Crown Prince Mohammed bin Salman.  

The latest construction update reveals the progress achieved across the destination, including 13 hotels and the supporting infrastructure.  

John Pagano, RSG group CEO, said that his company stands at the brink of an extraordinary moment as it prepares to introduce the Red Sea destination to the world. 

“In six years, we have made exceptional progress, creating exquisite resorts and best-in-class, sustainable infrastructure in a remote location, demonstrating innovation in line with our regenerative approach and commitment to responsible development,” he said. 

Pagano went on to say that while the anticipation builds for the opening of their first hotels and the initial phase of the company’s solar-powered airport, they are busy working on the rest of phase one. 

He added: “We are ready to deliver countless more extraordinary moments on our journey to positioning Saudi Arabia proudly on the world stage as a must-visit destination.” 

Emphasizing his company’s commitment to preserving the surrounding environment, Pagano said in a tweet: “We hold the utmost respect for the environment in which we operate and recognize it as our most valuable asset. It’s our shared obligation to not only safeguard it but also proactively enhance it wherever possible.” 

Highlighting the progress on its mountain resort Desert Rock, which is being built into the rockface, the press release pointed out that more than 50 percent of the work has been completed. RSG has fully excavated and formed the 10 rooms integrated into the mountainside as well as all 195 meters of tunneling. 





Highlighting the progress on its mountain resort Desert Rock, which is being built into the rockface, the press release pointed out that more than 50 percent of the work has been completed.

RSG said major structural and infrastructure works are well advanced, including the construction of the wadi villas, guest hubs and other structures. 

The developer added that work is underway on all 11 resorts and infrastructure across Shura Island. 

“Over 100 construction contracts are in place, with a similar number out in the market for tender. RSG continues to maximize the use of off-site manufacturing with precast structures progressing rapidly, bathroom pod deliveries underway, and the prefabricated timber structure on the Golf Clubhouse nearing completion,” the press release noted.

It went on to say that the developer is moving onto beach formation and beautification works which includes the creation of new mangrove habitats in the coming months. 

As for Sheybarah Island, RSG said that it has installed all 38 stainless steel overwater villas adding that the first beach villas have arrived at the island, one of which has successfully been installed. 

Last week, RSG announced it has completed installing over 760,000 photovoltaic panels needed to power phase one of the tourist destination. 

The company further stated that there are now more than 25,000 personnel working at the destination. 

It concluded that upon completion in 2030, the destination will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses and entertainment as well as food and beverage and leisure facilities. 


Closing Bell: Saudi main index closes higher at 10,596 

Updated 23 December 2025
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Closing Bell: Saudi main index closes higher at 10,596 

RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks. 

Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion. 

Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77. 

Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.  
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46. 

Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.  

On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31. 

Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.  

On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom. 

The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.  

The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74. 

Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT. 

The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.  

MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.