Red Sea project on track to break ground next year, says CEO

Ground breaking on the mega Red Sea Project will take place next year, with the first phase opening in 2022, John Pagano, chief executive of the Red Sea Development Company, told the Future Investment Initiative (FII) 2018 in Riyadh on Thursday.

The Public Investment Fund (PIF), Saudi sovereign wealth fund, is providing the initial capital and infrastructure investment, he added.

Pagano also revealed that the company is looking at partnering with the best real estate investors, development partners, hotel operators and infrastructure providers to bring to the project vision to reality.

The Red Sea project will feature luxury resorts across an area of 34,000 square kilometers for nature, adventure, recreation, health and culture. It will be spread across an archipelago of 50 islands, along a 200-kilometer-long coastline, situated along Saudi Arabia’s western coast.