The Red Sea Development Company (TRSDC) has announced the signing of nine hotel management contracts with worldwide hotel brands to run resorts in the project’s initial phase.
The deals were announced during the Future Investment Initiative (FII) 2021. The hospitality brands will run nine of the 16 hotels now under construction in the first phase. The confirmed brands will hold more than 1,700 hotel keys out of a total of 3,000 scheduled for phase one.
These include Edition Hotels and St Regis Hotels & Resorts, both of which are part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts, and SLS Hotels & Residences, all of which are part of global hospitality group Accor; Grand Hyatt, which is part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, both of which are part of IHG Hotels & Resorts; and Jumeriah Hotels &
“Through the ambitious Vision 2030 initiative, Saudi Arabia is expediting the creation of a new tourism product in the country.”
“We are proud to unveil our collection of unique and diverse hospitality brands that cater to this growing market and underpin our commitment to creating a world-leading barefoot luxury destination that will soon serve as a gateway to one of the world’s last undiscovered places,” said TRSDC CEO John Pagano.
“Most significantly, such collaborations with globally renowned and respected companies demonstrate the rising confidence in our company, our flagship location, and Saudi Arabia as a tourism destination.”
The statement emphasises the investment possibilities as Saudi Arabia continues to diversify its economy in accordance with Vision 2030.
Once fully operational, the Red Sea Project plans to entertain one million tourists per year by 2030, limited in accordance with its sustainability aspirations, generating up to 70,000 new employment and contributing SAR22 billion (US$5.3 billion) to the national GDP.
Each company at the Red Sea Project has embraced the project’s vision and decided to work together to make the destination a success.
TRSDC’s industry-leading sustainability standards, as well as the organization’s larger commitment to regenerative tourism development, have been appreciated by the partners.
Jumeriah will have a presence at the Red Sea Development in Saudi
“The Red Sea Project is built on hospitality.” We are dedicated to establish a world-class luxury destination, and the hotel brands with whom we collaborate play a critical role in achieving this goal.
“Our collaborations are strengthened by a collaborative structure that emphasises brand synchrony across all platforms.”
“By doing so, we want to create more value and maximise destination success by enabling stakeholders to benefit from common best practises and economies of scale,” said Jay Rosen, TRSDC’s chief financial officer.
“The hotel management agreements announced today represent a big milestone for us, and we invite other hotel operators, developers, and investors to join us on our quest to create a vibrant destination for guests from across the world.”
When completed in 2030, the complex would have 50 hotels with up to 8,000 hotel rooms and around 1,000 residential buildings spread across 22 islands and six inland areas.
A luxury marina, an 18-hole championship golf course, entertainment and recreational facilities, and an international airport will also be included in the first phase.
