The Red Sea Project
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When Elite Traveler first spoke to John Pagano, The Red Sea Development Company (TRSDC) CEO was hugely enthused with how the world’s most ambitious regenerative tourism venture was progressing, but acknowledged the need to move beyond talking about the vision and get to a point where he and his team could begin to showcase the reality.

The construction worker village has reached its 10,000 capacity. At the Coastal Village, which will ultimately become home to around 14,000 people, housing is nearing completion and on-site offices are open. The airport airside component is almost finished. Even the first hotel, though not open to paying guests, is up and running, accommodating visitors and staff.

“I look at images of where we were next to where we are now and it’s incredible,” Pagano explains. “We’re going vertical.”

Covering 10,810 square miles, an archipelago of more than 90 islands and 120 miles of coastline, all the conversation around conservation, regeneration, rewilding and research means that one can quickly forget that TRSP is ultimately a tourism project – albeit one of hitherto unimaginable scale and scope. However, that element is also now taking tangible shape, with the first nine hotel partners announced in October 2021.

Perhaps the most significant landmark demonstrating tangible progress will be the opening of the first resorts. The imminent arrival of paying guests in 2023 seems certain to sharpen minds and further accelerate developments, but it will also necessitate a shift in tone. While much of the messaging has thus far been directed towards corporate and investment audiences, soon TRSP will need to engage directly with the global tourism space.

“As the year progresses, the tone will change,” Pagano acknowledges. “But we’re not looking to make a huge amount of fanfare just yet. It’s about opening up our doors to those who are curious and want to explore one of the last hidden treasures of the world. I can’t wait to see those first reactions. Just like with my investor discussions, seeing really is believing.”

Source: https://spearswms.com/red-sea-project-john-pagano-ad/

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The Red Sea Development Company – which oversees one of the largest tourism construction projects in the world – has selected Accenture as its partner for the Smart Destination Programme.

Under the umbrella of the Public Investment Fund (PIF) of Saudi Arabia, the Red Sea Development Company?is developing over 28,000 km2?of commercial, residential and leisure properties as well as pristine lands and waters along Saudi Arabia’s west coast. The goal: to turn the region into a luxury, regenerative tourism destination for domestic and international tourists.

According to the project’s blueprint, the Red Sea region will upon completion attract one million visitors every year, and is slated to increase Saudi’s gross domestic product by close to $6 billion per year.

Accenture has now been selected as the lead consultant to the Smart Destination Programme – the workstream that is tasked with ensuring that the Red Sea region will be able to offer visitors a “seamless digital connection and visitor experience”, explained John Pagano, Chief Executive Officer of the Red Sea Development Company.

Accenture will support the Smart Destination Programme in the areas of enterprise architecture design and technology to integrate partners and systems in bringing the platform online, while ensuring quality and timely delivery of the complex visitor-driven program.

Source: https://www.consultancy-me.com/news/4752/red-sea-project-selects-accenture-for-visitor-experience-technology

Out early this morning looking at the first construction works at our spectacular Oppenheim Architecture designed Desert Rock hotel at the Red Sea Project. The hotel includes ten rooms cut and inserted into the granite rock face.

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TRSDC plans to create 38 hectares of artificial wetlands which are expected to attract birds and bats to feed on the many insects and invertebrates that colonize the wetlands, Damian Smith, a senior manager in the project's environmental team told Arab News.

“Much of the wastewater of TRSDC's project is being treated using artificial wetlands and we are using nature to treat the wastewater. Plants use a process called ‘phyto-remediation’ in which nutrients are absorbed by the roots to filter and clean the water, this is an excellent example of allowing nature to help us,” Smith said.

“The measures to protect the wetlands and delicate habitats were one of the first considerations when the design of the project began, indeed 70 percent of the islands in the Al Wahj Lagoon are currently protected from development. Furthermore, we aim to increase biodiversity across the project area by 30 percent over the next 20 years,” Smith said in an emailed response, coinciding with World Wetlands Day on February 2.

Source: http://tradearabia.com/news/CONS_392648.html

Our St Regis over water villas are coming along nicely.

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The developer TRSDC announced on 19th of January 2022 that the financial closed on USD 3.76 billion term loan facility and now they have a credit facility with 4 main Saudi banks (Banque Saudi Fransi, Riyad Bank, Saudi British Bank, Saudi National Bank).

CEO of TRSDC John Pagano said that they are focusing on execution and delivery of the project to be able to welcome first guests at the end of this year.

TRSDC’s Green Financing recently was granted by GFC Media Group with an award for Project Finance Deal of Year in the Capital markets Saudi Arabia Awards. It is in recognition of the year’s most innovative and ground-breaking deals from Sovereign, Corporate and Financial Institution issuers and borrowers.

The Green Financing accreditation was awarded because of company’s market leading approach to social and environmental sustainability and TRSP international recognition as a green project.

Jay Rosen, Group CFO said, that by achieving Financial Close for their first phase the project gains extra credibility in the market and becomes more attractive to investors.

Source: https://www.theredsea.sa/en/media-center/news/the-red-sea-development-company-financially-closes-on-sar-14-120-billion-loan

Saudi Arabia's The Red Sea Development Company (TRSDC) has awarded a contract to Red Sea International Company (RSI) to build modular buildings. The contract covers design, manufacture, supply and installation of modular buildings to support TRSDC's luxury hotel construction activities on Red Sea Project's Sheybarah/Ummahat Al Shaikh islands in the Western Region, an announcement on Saudi Exchange said.

The contract is valued at SR60.549 million ($16.14 million), to be executed in 194 days.

These facilities consist of various types of modular units which can be used as accommodations or offices. These units will be fully furnished to provide all the requirements for the crew working on the construction of these ambitious projects.

Source: http://www.tradearabia.com/news/CONS_392026.html

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