RIYADH: Saudi Arabia’s Red Sea Global is considering a range of alternative financing options in the near future, including an initial public offering or converting assets into real estate investment trusts, according to its chief executive officer.
Speaking to Al-Eqtisadiah, John Pagano said no final decisions have been made, but emphasized the company’s focus on leveraging current momentum, with resorts now operational and more hotel openings expected this year.
Shoura Island, the flagship of the Red Sea destination, will welcome guests this year at 11 luxury resorts operated by global hospitality brands, including Rosewood, Four Seasons, Grand Hyatt, EDITION, and Raffles.
Construction at the wellness-focused Amaala project is also progressing rapidly, with core infrastructure complete and its first hotels nearing launch, Pagano said.
Six resorts have opened under the Red Sea destination so far, including Desert Rock and Shebara, which are fully owned and operated by Red Sea Global. The exclusive Thuwal Private Retreat has also been unveiled as the company’s third destination.
Red Sea Global has also launched residential offerings on Shoura and Ummhat islands, in addition to announcing Lahak Island earlier this year, which drew strong local and international attention, he said.
Amaala is set to open by year-end and will feature wellness and hospitality brands such as Jayasom, Six Senses, Rosewood, Equinox, and Clinique La Prairie. The destination aims to deliver experiences centered on healing, exploration, and renewal.
