JV Agreement of $400m signed for Red Sea Project

JV Agreement of $400m signed for Red Sea Project

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 Co. (AREIC), a subsidiary of the Al Mutlaq Group (AMG).

Under the agreement, valued at over SAR 1.5 billion, 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, 118 berth marina, and a comprehensive retail, dining, and entertainment offering.

The strategic partnership marks the first Joint Venture established by TRSDC and demonstrates the private sectors confidence in the future success of the Red Sea destination and their willingness to be part of it.

While funding for phase one of The Red Sea Project is secured and in place, the joint venture with AREIC highlights the strong interest and appetite from the private sector to participate and invest in Vision 2030. TRSDC is in parallel discussions with several other investors under