Logos of Kingdom Holding Co. and Red Sea Global
Red Sea Global (RSG) announced that it will begin to welcome first guests at its Four Seasons Resort and Residences Red Sea at Shura Island starting from 20 May, marking the first joint venture-developed resort within its portfolio to enter the market. 
The SAR 2.6 billion resort was developed through a 50-50 joint venture between RSG and Kingdom Holding Co. (KHC), with SAR 2 billion debt financing provided by Riyad Bank, RSG said, in a statement.
The resort is surrounded by crystal-clear waters on three sides and features 149 accommodations and 31 resort residences that open fully to the outdoors.
The Red Sea currently has 11 hotels open, with six additional resorts scheduled to open on Shura Island in the coming months, the company added.
The achievement comes as RSG expands hospitality and flight capacity at The Red Sea following occupancy levels reaching 82% during the final 10 days of Ramadan, with demand expected to accelerate further ahead of Eid Al-Adha. To support increased demand, RSG is adding 32 additional flights to Red Sea International Airport (RSI) during the holiday period.
According to Argaam’s data, RSG entered into a joint venture agreement worth SAR 2 billion with Kingdom Holding in 2023 to develop a tourist resort, to be operated by the Four Seasons hotels and resorts group, on Shura Island on Saudi Arabia’s west coast.
The agreement entailed forming a joint venture company, 50% of which will be owned by a special purpose entity (SPE) wholly owned by Kingdom Holding, and the remaining 50% by a SPE owned by Red Sea Global Company. Each company was obligated to invest an amount of SAR 258 million in the project through their SPEs. Meanwhile, the remaining capital commitments was financed by borrowing from the project company.
Logos of Kingdom Holding Co. and Red Sea Global
Red Sea Global (RSG) announced that it will begin to welcome first guests at its Four Seasons Resort and Residences Red Sea at Shura Island starting from 20 May, marking the first joint venture-developed resort within its portfolio to enter the market.
The SAR 2.6 billion resort was developed through a 50-50 joint venture between RSG and Kingdom Holding Co. (KHC), with SAR 2 billion debt financing provided by Riyad Bank, RSG said, in a statement.
The resort is surrounded by crystal-clear waters on three sides and features 149 accommodations and 31 resort residences that open fully to the outdoors.
The Red Sea currently has 11 hotels open, with six additional resorts scheduled to open on Shura Island in the coming months, the company added.
The achievement comes as RSG expands hospitality and flight capacity at The Red Sea following occupancy levels reaching 82% during the final 10 days of Ramadan, with demand expected to accelerate further ahead of Eid Al-Adha. To support increased demand, RSG is adding 32 additional flights to Red Sea International Airport (RSI) during the holiday period.
According to Argaam’s data, RSG entered into a joint venture agreement worth SAR 2 billion with Kingdom Holding in 2023 to develop a tourist resort, to be operated by the Four Seasons hotels and resorts group, on Shura Island on Saudi Arabia’s west coast.
The agreement entailed forming a joint venture company, 50% of which will be owned by a special purpose entity (SPE) wholly owned by Kingdom Holding, and the remaining 50% by a SPE owned by Red Sea Global Company. Each company was obligated to invest an amount of SAR 258 million in the project through their SPEs. Meanwhile, the remaining capital commitments was financed by borrowing from the project company.
