- Signing by PIF-owned RSG focuses on knowledge-sharing and development practices
- Partnership will drive innovation in destinations and infrastructure, says Group CEO John Pagano
- Agreement aligns with the Fund’s mandate to drive Saudi Arabia’s tourism and entertainment sectors
Red Sea Global (RSG), the PIF-owned developer of two of the world’s most ambitious regenerative tourism projects, The Red Sea and Amaala, has signed a partnership with the Royal Commission for AlUla (RCU), with the aim of spurring Saudi Arabia’s tourism sector.
The Memorandum of Collaboration between RSG and RSU aims to accelerate Saudi Arabia’s growth as an international location for tourists and investors. It focuses on sharing knowledge and expertise on development practices that regenerate the environment, create an attractive investment landscape to further diversify the economy, while also strengthening professional opportunities for young Saudi talent.
John Pagano, Group CEO of Red Sea Global, said: “With RCU sharing our green ambitions and social values, our collaboration will drive innovation in how we develop destinations and infrastructure and, moreover, how we do so responsibly.
“Together, we have the potential to deliver unparalleled progress for the Kingdom and challenge the status quo in both tourism and sustainability.”
The partnership aligns with PIF’s mandate to drive innovation in Saudi Arabia’s tourism and entertainment sectors. This is also in line with Saudi Vision 2030 objectives to create opportunities that achieve economic diversification.
RSG is preparing to welcome the first guests to its flagship destination, The Red Sea, this year. RCU is responsible for preserving the heritage-rich area of AlUla in the northwest of Saudi Arabia.
