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Red Sea Global (RSG; Arabic: البحر الأحمر الدولية), previously known as The Red Sea Development Company, [4] is a real estate development company based in Tabuk, Saudi Arabia. The company was founded in July 2017 by the Saudi crown prince Mohammed bin Salman , and is owned by the Public Investment Fund . [ 5 ]
The Red Sea Project (Arabic: مشروع البحر الأحمر), simply referred to as the Red Sea (Arabic: البحر الأحمر), is a tourism megaproject under construction on the Red Sea coast of Saudi Arabia. The project, which is developed by Public Investment Fund-owned Red Sea Global, forms part of the Saudi Vision 2030 program. [2]
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Saudi Red Sea Authority (SRSA) was established by a Council of Ministers’ decision November 30, 2021, [3] as an enabler and regulator of marine and navigational tourism activities within the geographical scope of Saudi Arabia's Red Sea.
Global trade fell 1.3% from November to December, Germany’s Kiel Institute for the World Economy said Thursday, citing “consequences of the attacks on cargo ships in the Red Sea.”
In February 2023, Red Sea Global announced the first hotel in Amaala, the 65-key Clinique La Prairie Health Resort, slated for opening in mid-2024. [ 6 ] In March 2023, the 153-key Jayasom Wellness Resort was announced, with a planned opening year of 2025. [ 7 ]
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The operation aims to ensure both the freedom of navigation and the safety of maritime traffic in the Red Sea, Bab al-Mandeb and Gulf of Aden. [1] Following the start of the 2023 Israel–Hamas war, multiple civilian container and freight ships were attacked and hijacked in the Gulf of Aden by Houthi forces. [28]
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