$400mln contract awarded to develop 159-key Red Sea resort

$400mln contract awarded to develop 159-key Red Sea resort

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has announced that it has entered into a joint venture (JV) agreement with Almutlaq Real Estate Investment Company (AREIC), a subsidiary of the Al Mutlaq Group (AMG).

Under the agreement, valued at over SR1.5 billion ($400 million), the two companies will develop Jumeirah The Red Sea, a 159-key luxury resort situated on the Red Sea destination’s hub island, Shura, currently under construction and expected to open in early 2024.

Shura Island forms part of the first phase of development, and will comprise 11 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, a 118-berth marina, and a comprehensive retail, dining, and entertainment offering.

The strategic partnership marks the first JV established by TRSDC and demonstrates the private sector’s confidence in the future success of the Red Sea destination, said the company in a statement.

“We are delighted to partner with Al Mutlaq Group, a prominent global investment family group in Riyadh. The formation of a joint venture with their subsidiary, AREIC, demonstrates growing interest from the investment community to participate in our journey and is an encouraging reflection of their belief in not only