Saudi Arabia’s Red Sea Global (RSG), the developer behind the kingdom’s ambitious Red Sea tourism projects, plans to raise $3.7 billion over the next 12 months to accelerate construction at its flagship Amaala destination. The project, aimed at attracting luxury travellers, includes 29 hotels focused on wellness and environmental sustainability. RSG expects to have six hotels operational by the end of 2024, with an additional 19 opening in 2025.
The funds will support construction and expansion in line with Saudi Arabia’s Vision 2030 strategy to diversify its economy away from oil by boosting tourism. Amaala, which sits along the Red Sea coast, is part of the kingdom’s larger efforts to attract global luxury travellers while maintaining environmental preservation across the region’s pristine islands and landscapes. The development spans 28,000 square kilometres, featuring a mix of upscale resorts, wellness centres, and eco-friendly infrastructure.
Gregory Djerejian, RSG’s head of investments, emphasised that international investors have started showing interest in the project’s future potential, with joint ventures already secured. The developer aims to draw foreign direct investment into various aspects of the project, from hotel ownership to utilities.
In addition to tourism, Red Sea Global is expected to finalise plans for a “geographical authority” that will help manage municipal and environmental oversight, ensuring that investors can preserve the region’s environmental assets. Despite the massive capital influx, some projects have faced budget cuts in light of wider economic considerations, though Red Sea Global remains on track with its core development goals.
As Saudi Arabia pushes forward with Vision 2030, RSG’s luxury developments could play a crucial role in shaping the future of the region’s tourism landscape. By combining world-class luxury experiences with sustainable tourism practices, RSG aims to attract both regional and global visitors, ultimately contributing to the country’s economic diversification and global tourism ambitions.
