Red Sea Global opens resort on centrepiece Shura Island

The first joint-venture resort on Shura Island, the dolphin-shaped centrepiece of Saudi Arabia’s Red Sea giga-project, will open this week.

The SAR2.6 billion ($690 million) Four Seasons Resort and Residences Red Sea, developed by Red Sea Global (RSG) and Kingdom Holding Company, will welcome guests from May 20.

“We are significantly scaling the capacity and offering of the Red Sea destination in time for one of the busiest travel periods in our calendar,” John Pagano, group CEO at Red Sea Global, said in a statement.

The resort has 149 rooms and suites, 31 residential properties, and six restaurants and lounges. The joint venture had initially expected to open the resort in early 2025.

The resort is powered entirely by renewable energy and supported by water and waste management systems designed to minimise environmental impact.

The equally owned joint venture secured a SAR2 billion loan from Riyad Bank to help finance the project.

Eleven hotels are operating at the Red Sea destination, with six new resorts set to open on Shura Island, located on Saudi Arabia’s west coast, in the coming months.

Occupancy levels reached 82 percent in the final 10 days of Ramadan, with demand expected to accelerate ahead of Eid Al Adha.

RSG, wholly owned by the Public Investment Fund, is adding 32 new flights at Red Sea International Airport during the holiday period.

Prince Alwaleed bin Talal, the founder and CEO of KHC, owns 78.13 percent of the holding company, while PIF holds 16.86 percent, according to data available on the Saudi bourse.

KHC shares closed 0.2 percent higher at SAR11.03 on the Saudi stock exchange on Monday. The stock is up almost 38 percent year-to-date.

Further reading:

• Saudi giga-project tracker: everything you need to know
• War, tourism and the workers caught in between
• GCC tourism losses from Iran war could hit $32bn