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The Red Sea Development Company (TRSDC) entered into a Joint Venture (JV) agreement with Almutlaq Real Estate Investment Co. (AREIC), a subsidiary of the Al Mutlaq Group (AMG). Under the agreement, valued at over SAR 1.5 billion, the two companies will develop Jumeirah The Red Sea, a 159-key luxury resort situated on The Red Sea destination’s hub island, Shura, currently under construction and expected to open in early 2024. Shura Island forms part of the first phase of development, and will comprise 11 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, 118 berth marina, and a comprehensive retail, dining, and entertainment offering. The strategic partnership marks the first Joint Venture established by TRSDC and demonstrates the private sectors confidence in the future success of the Red Sea destination and their willingness to be part of it. “We are delighted to partner with Al Mutlaq Group, a prominent global investment family group in Riyadh. The formation of a Joint Venture with their subsidiary, AREIC, demonstrates growing interest from the investment community to participate in our journey and is an encouraging reflection of their belief in not only our project but the wider tourism opportunity in the Kingdom,”said John Pagano, CEO of TRSDC. This Joint Venture investment reinforces the private sector’s alignment with our commitment to regenerative tourism and sustainable development. Our project naturally lends itself to promising business opportunities, with the ability to leverage the Kingdom’s key strategic assets, and drive economic growth and diversification as outlined by Vision 2030,” he added. “We are extremely pleased to partner with TRSDC and its best-in-class management team on this exciting and compelling project. We have been studying the …

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