Red Sea Global, a major tourism project backed by Saudi Arabia's sovereign Public Investment Fund (PIF, Financial), plans to invest an additional $27 billion over the next six years. This investment aims to further develop the project and attract more tourists to Saudi Arabia.
According to CEO John Pagano, about $27 billion has already been invested, completing one-third of the Red Sea project's construction, which includes 24 resorts. The project is expected to be fully operational by the end of 2025.
Pagano mentioned that the additional funding will be obtained through both equity and debt financing. In 2021, Red Sea Global secured a loan of 14.1 billion Saudi Riyals to support the first phase of construction.
First announced in 2017, the Red Sea project spans an area of 28,000 square kilometers. It is expected to attract hundreds of thousands of luxury travelers annually, with a goal of hosting 1 million visitors by 2030. The project includes an archipelago of 90 islands along the Red Sea coast, where new resorts are being developed, as well as in the southern green mountain region.
Additionally, the PIF announced plans to increase its domestic investment ratio, aiming to reduce its global investments from 30% to 18% of its portfolio.
