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Local Name:
مشروع البحر الأحمر
Budget:
$27B
Announced:
31 Jul 2017
Construction Start:
07 Aug 2019
Opening:
2030
Area:
  1. mrg
    mrg is offline resortX Top Investigator
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  2. Egypt's Sharm El Sheikh with all its dated and badly-managed resorts is going to be toast once both The Red Sea Project and NEOM will go live. There'll be a luxurious Red Sea holiday waiting in the East and an 80s backpacker nightmare in the West. Every qualified Egyptian working in Sinai will want to move to the Saudi coast, as well.

  3. ResortsAhoy is offline resortX Top Investigator
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    The SAR14.120 billion (US$3.7 billion) loan for the Red Sea Project’s first tranche of hotels has financially closed. This means that the capital structure is now fully in place and developers can use the money for the hotels’ construction.

    Therefore, the facilities are now in place to fund 16 hotels all set to open by 2023. Fourteen of them will be on islands within an archipelago, while another two in the mainland, one in the desert and one in the mountains.

    So far, the known hotels include EDITION Hotels and St Regis from Marriott International. Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences from Accor, a Grand Hyatt, Intercontinental and Six Senses from IHG Hotels & Resorts and a Jumeirah property.
    The upcoming Six Senses Hotel at the Red Sea Project:



    The colossal loan is a landmark moment for both the financial sector and the hotel sector as it marks the first Riyal-denominated Green Finance credit facility. Four banks were involved in the loan, those being banks are Banque Saudi Fransi, Riyad Bank, and Saudi British Bank, with Saudi National Bank acting as mandated lead arrangers.
    Source: https://www.hoteliermiddleeast.com/news/red-sea-project-green-loan-hotels-2030

  4. Construction progress at The Red Sea's Southern Dunes Resort:







    Screenshots taken from a short video posted by The Red Sea Development Company on Twitter: https://t.co/9k42M5LSOl

  5. mrg
    mrg is offline resortX Top Investigator
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  6. JustPassingBy is offline resortX Top Investigator
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    Quick update: Saudi ACWA secures $1.33bn to power The Red Sea Project

    Saudi-listed ACWA Power closed $1.33 billion financing for its renewable project to power The Red Sea Development Co., known as TRSDC, according to a filing.

    The debt facility closure was arranged by a consortium including Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

    The utility developer was awarded the contract to drive and operate the renewable power-based multi-utilities infrastructure to serve The Red Sea Project, or TRSP, back in November.

    TRSDC, fully owned by the Public Investment Fund of Saudi Arabia, will be developing the world's largest sustainable tourism destination that will run on 100 percent renewable energy.
    Source: https://www.arabnews.com/node/1990666/business-economy

  7. SiteSeeing101 is offline resortX Top Investigator
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    Time-lapse video of construction progress at Southern Dunes Resort at The Red Sea






  8. mrg
    mrg is offline resortX Top Investigator
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    In Dubai visiting our partner Grankraft and loving the progress they're making on our amazing Sheybarah Island overwater villas - designed by Killa Design who were present. The villas' polished steel will reflect the water, sky and reef below.


    https://www.linkedin.com/posts/john-pagano_in-dubai-visiting-our-partner-grankraft-and-activity-6870728249769553920-Eu2K/

  9. ResortsAhoy is offline resortX Top Investigator
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    With a lot of the developement work going out into the sea there has been an agreement to catalogue and preserve the shipwrecks and other archeological finds that are disturbed and have them on display in museums and as part of the overall Red Sea Project for visitors.

    The Red Sea Development Company (TRSDC), established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that aims to set new standards in sustainable development and position the Kingdom of Saudi Arabia (KSA) on the global tourism map, has partnered with the Ministry of Culture, to unite efforts in the fields of archaeology, heritage, history and sustainable tourism along Saudi Arabia’s Red Sea coast.
    All artefacts will be preserved, catalogued, and stored in the Red Sea Museum in Jeddah, while some pieces will be displayed for visitors of The Red Sea Project. “The hull, which has calcified into something akin to petrified wood, and the approximately 4,000 highly decorated earthenware jars of various colours, shapes and designs, which has also calcified into a solid mass, will be left in place for divers to see.

    “This will provide one of the most unique diving destinations anywhere in the world in less than 25 metres of calm, clear water,” Pagano said. The partnership also enables a full seabed survey to be delivered, stretching from Jeddah, upwards along the coastlines of The Red Sea Project and AMAALA, one of the potential extra-luxurious tourism destination megaprojects conceived by Saudi Vision 2030.
    Source: https://www.gulftoday.ae/culture/2021/11/28/trsdc-in-ksas-first-underwater-excavation-on-red-sea-coast

  10. mrg
    mrg is offline resortX Top Investigator
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