The Red Sea Global (RSG) inaugurated three resorts on the dolphin-shaped Shura Island, to be operational in the upcoming weeks, it said in a statement. This phase includes the opening of SLS, Edition, and InterContinental hotels, along with Shura Links, the first island golf course in the Kingdom. Another eight resorts are slated to go online in the coming months, including international brands like Faena, Fairmont, Four Seasons, Grand Hyatt, Jumeirah, Miraval, Raffles, and Rosewood, featuring over 2k keys spread across 305 branded and owned units.

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The island is fully powered by renewable energy and designed for minimal environmental impact and maximum energy efficiency, aiming to preserve its natural beauty and coral reefs — which inspired its coral bloom architectural design by Foster + Partners. It is accessible by boat or EVs via the 3.3 km Shura crossing.

A slice of the cake is for sale: Shura Island offered earlier this year several units for purchase with prices averaging SAR 70k per sqm and handovers expected by year-end.

THE RED SEA DESTINATION-

RSG has funneled around SAR 42 bn into the development of the Red Sea Destination so far, of which SAR 14 bn were funded through credit facilities. “We have sold about SAR 1.5 bn in residential sales, but we have SAR 2 bn in pending deals,” CEO John Pagano told Al Arabiya (watch, runtime: 07:00), noting that demand is primarily driven by Saudis, followed by foreign visitors.

ICYMI- In October 2024, the PIF-owned developer voiced plans to borrow “at least” SAR 14 bn (USD 3.7 bn) over the next 12 months to finance Red Sea Global’s development of several projects, including the construction of the other destination on the Red Sea, Amaala, which will include 29 hotels. The company is eyeing SAR 6 bn in credit to finance Amaala, with a target to open in the coming three to four years.

The operational five resorts in the Red Sea Destination have posted a 40% occupancy rate, recording about 50k guests, expected to go as high as 300k after inaugurating the first phase. The nightly rates start at SAR 7k in Six Senses Southern Dunes, The St. Regis Red Sea Resort, Nujuma, a Ritz-Carlton Reserve, Shebara, and Desert Rock, but will go as low as SAR 2.5k on average in Shura Island resorts.

When it all comes together by 2030, the Red Sea Destination will feature 50 different resorts, 8k hotel rooms, and 1k residential units. The RSG has sold over SAR 1.5 bn worth of units in the destination, with additional SAR 2 bn pending.

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