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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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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.