Saudi Developer RED SEA GLOBAL on the Supply Chain Challenges of Delivering Red Sea Tourism ‘ Giga ’ Projects
RED SEA GLOBAL
Saudi Developer RED SEA GLOBAL on the Supply Chain Challenges of Delivering Red Sea Tourism ‘ Giga ’ Projects
F
or so long Saudi Arabia was the world ’ s biggest tourism blank canvas : its Red Sea coastline is among the most beautiful anywhere , and yet it remained untouched and largely unvisited . Pretty much the only foreign visitors drawn to the Saudi Kingdom were pilgrims , heading for Mecca .
To say this situation is changing is a colossal understatement . Take a moment to process this figure : in the first nine months of 2023 , Saudi Arabia spent US $ 26.7bn on tourism destinations and infrastructure . To put this into context , in the league table of national GDPs , $ 26.7bn would rank 107th out of the world ’ s 177 countries , between the GDPs of Laos and Nicaragua .
Now , as part of Saudi ’ s Vision 2030 plan to diversify its economy – economically , socially and culturally – a number of ultraluxury schemes are under way on the Red Sea shores .
Among the developers involved in delivering the tourism strand of Vision 2030 is Red Sea Global ( RSG ), which is wholly owned by Saudi Arabia ’ s Public Investment Fund ( PIF ).
The PIF is the sovereign wealth fund of Saudi Arabia . It is the largest sovereign wealth fund in the world , with estimated assets of US $ 776bn .
40 February 2024