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Red Sea Global and Kingdom Holding Company Sign SAR2 Billion Joint Venture 

Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).
Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).
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Red Sea Global and Kingdom Holding Company Sign SAR2 Billion Joint Venture 

Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).
Red Sea Global (RSG) announced the successful completion of an investment deal with Kingdom Holding Company (KHC).

Red Sea Global (RSG) announced on Tuesday the successful completion of an investment deal with Kingdom Holding Company (KHC).

The SAR2 billion joint venture brings together RSG and KHC in a 50/50 partnership to develop and own the Four Seasons Resort Red Sea, Saudi Arabia, expected to open in early 2025.

The highly anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations. It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets, meeting and events spaces, a marine discovery center, and a Kids For All Seasons space, according to an RSG press release.

"This partnership strengthens our unwavering commitment to transforming the tourism landscape in Saudi Arabia. We share a common vision of creating extraordinary destinations that not only drive economic growth and job creation, but also preserve precious ecosystems, aligning perfectly with the aspirations outlined in Vision 2030,” said RSG Group CEO John Pagano.

KHC CEO Eng. Talal Ibrahim Almaiman said: "We are proud to partner with RSG in the execution of one of the Kingdom’s most exciting projects and look forward to creating value for our respective shareholders. This investment will form part of our broader strategy for further investments in the Saudi Arabian high growth market."

Shura Island will be home to a total of 11 resorts, and will include residential properties, an 18-hole championship golf course, a 118-berth marina, and an "exceptional retail, dining, and entertainment experience".

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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."