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Sovereign wealth fund plans to move control of Sindalah resort away from Neom projectSaudi Arabia’s sovereign wealth fund plans to shift management of a Red Sea tourist island away from its Neom desert development,*as Crown Prince Mohammed bin Salman’s more than $500bn mega-project undergoes a shake-up after a series of setbacks.
Red Sea Global, another subsidiary of the Public Investment Fund and which has opened similar resorts, is set to take over the ultra-luxury development on Sindalah island, according to two people familiar with the matter.
Sindalah, which is designed to include a marina for luxury yachts and a golf club, was supposed to open in early 2024. It had a soft opening to an exclusive group of investors and VIP guests in October that year, but has yet to open to the public.Source: https://www.ft.com/content/5b6156b4-8325-4229-b092-b3575098022bRed Sea Global’s experience in successfully launching tourism projects has convinced decision makers that the company is better placed to manage Sindalah while Neom focuses on its other projects, said the people familiar with the matter.
Eleven months after a lavish launch party for Sindalah Island – pitched as offering the first taste of the kingdom’s futuristic Neom giga-project – the island remains largely deserted.
https://www.agbi.com/analysis/giga-projects/2025/09/a-year-after-its-glitzy-debut-sindalah-shows-no-sign-of-life/
A brand new, empty road leads to Sindalah, but the island is hard to see from the mainland. The pier is still under construction, with security stationed at the entrance.
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