Red Sea Project Master Plan Wins Seal of Approval

First Phase to Open by 2022

Red Sea Project Master Plan Wins Seal of Approval
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Red Sea Project Master Plan Wins Seal of Approval

Red Sea Project Master Plan Wins Seal of Approval

The Red Sea Development Company (TRSDC), the developer of one of the world’s most ambitious tourism projects, has received the approval of the Board of Directors for the project master plan.

The master plan was developed in partnership with WATG and Buro Hapold and included design concepts from some of the world’s most prominent architecture firms. The first phase of the project, scheduled for completion in 2022, includes 14 luxury and hyper-luxury hotels providing 3,000 rooms across five islands and two inland resorts. Phase One will also include yacht marinas, leisure and lifestyle amenities and an airport to serve the destination, as well as the necessary supporting logistics and utilities infrastructure.

The plan was informed by a series of wide-ranging environmental studies to ensure that the ecologically sensitive area is fully protected during and after development. The final master plan, which preserves some 75 percent of the destination’s islands for conservation and designates nine islands as sites of significant ecological value, required several redesigns throughout the process to avoid potentially disrupting endangered species native to the area.

“The design concepts that we have presented to the Board will provide visitors with a uniquely diverse, immersive experience while setting new standards in sustainable development, and positioning Saudi Arabia on the global tourism map,” said John Pagano, CEO of TRSDC. “With the master plan approved, we are now identifying investors and partners who are interested in working with us on realizing the objectives of the project and who share our commitment to enhance, not exploit, the natural ecosystems that make the destination so unique.”

The Red Sea Project is an integral component in Saudi Arabia's Vision 2030 strategy. The project is expected to create up to 70,000 new jobs and to contribute as a much as 22 billion Saudi riyals (USD 5.3 billion) to the nation’s GDP, by creating investment opportunities for the private sector and developing the Kingdom’s tourism industry while preserving the nation’s precious cultural and environmental heritage.

The destination will be fully completed in 2030. The approved master plan will steer the development of 22 of the 90+ islands at the destination, providing up to 10,000 hotel rooms across island resorts, mountain retreats and desert hideaways. The destination will also offer luxury residential properties and a wide range of commercial, retail and recreational facilities.

The master plan is underpinned by an extensive smart destination management system that will support a wide range of seamless, highly personalized products and services designed to appeal to the modern luxury traveller. The system will also help to manage visitor flows to ensure that everyone who comes to the destination can enjoy an experience free of over-crowding and delays.

TRSDC employed the world’s first destination-scale computer simulation techniques, created in Saudi Arabia, to assess the impact of development and future tourism on the environment. The resulting plan now targets up to 30% net increase in biodiversity over the next two decades compared to a “business as usual” scenario. This amounts to a conservation outcome equivalent to designating the site as a Marine Protected Area.

Technology further underpins the destination’s sustainability initiatives, with a suite of sensors and monitoring devices in place to track and measure variations in environmental factors such as water salinity, temperature, visibility and tidal flows among others.

TRSDC is developing a range of policies including zero waste-to-landfill, zero discharge to the sea, and zero single-use plastics, and has made a commitment to achieve 100% carbon neutrality. The destination will rely solely on renewable energy and have no connection to the national grid.

“The leadership of the Kingdom has shown great foresight in its insistence on balanced development of this pristine destination,” said John Pagano. “Our plan not only envisions a stunning luxury destination, it also takes tangible, measurable steps to enhance that destination for future generations to enjoy and cherish.”



Google to Pay Musk $920 Million a Month for AI Computing Capacity

The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)
The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)
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Google to Pay Musk $920 Million a Month for AI Computing Capacity

The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)
The headquarters of Space Exploration Technologies Corp. (SpaceX) in California. (AFP)

SpaceX on Friday signed a blockbuster cloud computing agreement under which Google will pay the Elon Musk-founded rocket company $920 million per month for access to a massive cluster of AI chips, according to a disclosure in its initial public offering filing.

The deal, which will bolster SpaceX's finances ahead of its IPO on June 12, covers a computing infrastructure of approximately 110,000 Nvidia GPUs -- the crucial hardware needed to power Google's Gemini AI models.

The filing says Google will begin paying the full monthly rate in October 2026, with a reduced fee applying during a ramp-up period until then, AFP reported.

The agreement runs through June 2029, implying total payments of roughly $30 billion over the life of the contract.

The deal resembles one struck with AI giant Anthropic, in which SpaceX leased compute capacity at its Colossus data centers in Memphis, Tennessee for $1.25 billion a month.

The facilities were originally built to power Musk's rival AI venture, xAI.

SpaceX's IPO filing revealed that xAI last year posted an operating loss of $6.4 billion on total revenue of $3.2 billion.

"This is a short-term, timely agreement to ensure we have bridge capacity to meet surging customer demand for our agent platform, Gemini Enterprise, which has been even higher than we expected," a Google Cloud spokesperson said in an email to AFP.

The filing adds that after December 31, "the agreement may be terminated by either party upon 90 days' notice."

The deals with Google and Anthropic come just days ahead of SpaceX's IPO, which will be the biggest in history, valuing the company at $1.8 trillion.

That valuation is largely based on faith that Musk can deliver on his ambitions to vastly expand his Starlink satellite business, put data centers into space using SpaceX rockets, as well as begin colonizing Mars.


Rosneft: US Companies Benefit from Strait of Hormuz Closure

Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).
Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).
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Rosneft: US Companies Benefit from Strait of Hormuz Closure

Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).
Igor Sechin, Chief Executive Officer of Rosneft, during the St. Petersburg International Economic Forum, June 5, 2026 (Reuters).

Rosneft Chief Executive Igor Sechin said on Saturday that US energy companies were the main beneficiaries of the closure of the Strait of Hormuz but warned that continued tensions in the artery for one fifth of the world's crude would undermine long-term demand for oil.

Iran blockaded the Strait, the main route for about a fifth of world oil supplies and other vital goods including fertilisers, after the United States and Israel attacked Iran and killed Supreme Leader Ali Khamenei in February. The US has blockaded Iranian ports.

Sechin, a close ally of President Vladimir Putin and one of the most influential men in Russia's energy sector, cast the US actions as an attempt to change the fundamental contours of the global energy markets to suit US interests, but added that the strategic risks had not been fully assessed.

"The closure of the Strait of Hormuz is an attempt to reshape global energy market regulations to benefit the United States. The measures taken to block the strait were aimed at Iran, but backfired on the entire world. The strategic risks were underestimated," Sechin said at the St. Petersburg International Economic Forum.

"The main beneficiaries, of course, were American companies, which gained non-competitive advantages and the ability to secure high-cost supplies," he said.

"Continued tension in the Strait of Hormuz for a long time undermines the long-term demand for oil. It may also trigger another surge of interest in alternative energy."

If the Strait opens in the near future, then the oil price will be at $95 to $96 per barrel by the end of the year, and in a year it will drop to $80 to $85, and by the second half of 2027 there will be a return to market fundamentals, he said.


First Two of Riyadh Air’s Custom-Built 787-9 Dreamliners Arrive in Saudi Arabia

The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
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First Two of Riyadh Air’s Custom-Built 787-9 Dreamliners Arrive in Saudi Arabia

The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)
The arrival of Riyadh Air's two aircraft marks a historic milestone in the company's journey towards launching its flights (SPA)

Riyadh Air, Saudi Arabia’s new national carrier and a company wholly owned by the Public Investment Fund (PIF), has announced the arrival of its first two custom-built Boeing 787-9 Dreamliners at King Khalid International Airport in Riyadh.

The aircraft arrived in tandem on Friday at approximately 10 a.m. local time, receiving a water cannon salute upon touchdown.

The aircraft – using the call signs Riyadh 1 and Riyadh 2 and registered as HZ-RXAA and HZ-RXAB – are the first of Riyadh Air’s 72 state-of-the-art Dreamliners.

Their arrival marks the commencement of the carrier's broader strategy to expand its fleet to more than 180 narrow-body and wide-body aircraft.

Leveraging Saudi Arabia’s strategic location at the crossroads of Asia, Africa, and Europe, Riyadh Air aims to connect the capital to over 100 global destinations by 2030, with plans to fly to nearly 20 destinations by the end of this year.

Commenting on the arrival, Riyadh Air CEO Tony Douglas said: “To see our very first custom-built Dreamliners touch down in Riyadh is a truly historic moment for us, and a momentous day for Saudi aviation as part of Vision 2030. I could not be more excited or more confident about the future and the legacy we are creating.”

“Not only are we building an airline, we are opening a new gateway to the world from the heart of the Kingdom. We are absolutely ready and excited to welcome the world to Riyadh,” he added.