Red Sea developments
Saudi developer of the Red Sea, AMAALA and Thuwal Private Retreat destinations on the kingdom's west coast, wholly owned by the Public Investment Fund. Formerly The Red Sea Development Company.
Industry: Tourism and hospitality development | Location: Saudi Arabia | Founded: 2017 | Total Funding: USD 3.8B
About Red Sea developments
Red Sea Global is a Saudi tourism and hospitality developer wholly owned by the Public Investment Fund. It develops luxury destinations on the kingdom's west coast, including The Red Sea, AMAALA and Thuwal Private Retreat. The company was formerly known as The Red Sea Development Company.
Wikipedia dates the company's launch by the Public Investment Fund to 31 July 2017. John Pagano has been group chief executive since 2018, according to Forbes Middle East, which also lists him as managing director of two other Public Investment Fund companies, King Abdullah Financial District and AlUla Development Company.
The Red Sea destination covers 28,000 square kilometres, Gulf Construction reported in November 2024. Its first resort opened in November 2023, and Gulf Daily News counted ten open by October 2025. Shura Island is the flagship, with 11 resorts planned under brands including Rosewood, Four Seasons, Grand Hyatt, EDITION and Raffles; Forbes Middle East says the first opened in October 2025. Desert Rock and Shebara are owned and operated by Red Sea Global itself. AMAALA, the wellness-focused second destination, opened in July 2026 with six more resorts still to open, and the company has refurbished Al Wajh International Airport.
Red Sea Global borrowed SAR 14.1 billion in 2021 to fund the first phase, Gulf Construction reported, citing an interview with Pagano. He said the company expected to spend roughly USD 27 billion more through 2030. In August 2025 Pagano told Al-Eqtisadiah that the company was weighing an initial public offering or converting assets into real estate investment trusts, with no final decisions made.
In October 2025 the company employed about 11,000 people and had awarded almost 18,000 contracts, according to Gulf Daily News, which also reported plans for a first project abroad, in Italy.
By July 2026 Forbes Middle East counted 15 operational resorts. It reports that the company projects an annual contribution of up to USD 8.8 billion by 2030 and 170,000 jobs by 2035.
Leadership
- John Pagano, Group Chief Executive Officer