PIF-Aramco shipping JV Bahri to issue sukuk worth $1bn

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Jeddah - Yasmine El Tohamy - : The Red Sea Development Co. is on track to open three new hotels this year and receive its first guests in early 2023. There will be 13 more hotels inaugurated by the end of next year, CEO John Pagano told Arab News.

He was speaking on the sidelines of the Arabian Travel Market, an international travel show that began in Dubai on Monday.

“Our first guests can choose between two luxurious island resorts or a desert resort next year,” he added. 

The two island hotels are in the hyper-luxury segment, both boutique hotels with 80 rooms in one and 90 in the other.

Pagano revealed that the St. Regis brand would operate one of the hotels, while the other island resort will be announced soon. The desert resort will be managed by the Six Senses group, which shares a commitment to green practices.

The archipelago of 90 islands in the Red Sea will focus on sustainable tourism with a twist of luxury. The giga-project has already signed up nine global brands, and more will follow suit.

The TRSDC CEO confirmed that the company would develop less than 1 percent of the total area to respond to an ecological ceiling based on what the environment can handle without incurring damage.

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