Red Sea Global CEO: We Look Forward to Implementing Int’l Projects

Part of the giant Red Sea tourism project in western Saudi Arabia, and in the framework, John Pagano, CEO of Red Sea Global (Asharq Al-Awsat)
Part of the giant Red Sea tourism project in western Saudi Arabia, and in the framework, John Pagano, CEO of Red Sea Global (Asharq Al-Awsat)
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Red Sea Global CEO: We Look Forward to Implementing Int’l Projects

Part of the giant Red Sea tourism project in western Saudi Arabia, and in the framework, John Pagano, CEO of Red Sea Global (Asharq Al-Awsat)
Part of the giant Red Sea tourism project in western Saudi Arabia, and in the framework, John Pagano, CEO of Red Sea Global (Asharq Al-Awsat)

The Red Sea Development Co. CEO John Pagano has affirmed that his company has the capabilities and ambition needed to implement its vision on a global scale. He revealed that the new company’s strategy focuses on developments in Saudi Arabia and plans for projects in Europe and North America.

Over the past five years, the company’s strategy has concentrated on leading the narrative transition toward regenerative development to make the planet and people’s lives better, Pagano explained.

“Currently, we focus on tourism, hospitality, and housing. Still, nothing prevents us from taking on commercial development because we already have all the required skill sets and have built a large team of more than 2000 employees,” Pagano told Asharq Al-Awsat.

“We cover all the skills required to deliver real estate projects, whatever the asset class,” he affirmed, adding that his company intends to become a national pride and champion for Saudi Arabia.

Regarding projects outside Saudi Arabia, Pagano said: “We will look abroad. Our focus will always remain on Saudi Arabia and the Red Sea and Amaala projects, which receive 100% of our interest, but we are also looking to the future.”

“We want to make a difference and help revive the world,” Pagano asserted about the company’s approach on pushing the boundaries of development and doing things differently.

Taking pride in the support received from the Saudi leadership, government and people, Pagano said that this support had given the company a solid platform to implement its unique ideas.

When asked about the Red Sea and Amaala projects, Pagano said: “Both projects are under construction, and we will open the first three resorts next year in late spring.”

The resorts set to open are St. Regis and the Ritz Carlton Reserve and Six Senses.

“We will also open 21 resorts and 13 more resorts in the Red Sea and Amaala by the end of 2024,” revealed Pagano.

“There is a massive boost in the volume of hospitality. We focus on providing entertainment and will put Saudi Arabia on the global tourism map, a crucial aspect of Vision 2030,” he noted.

“We will create thousands of new jobs, many of which will go to Saudi youth eager to be part of this vision,” added Pagano.

Pagano stressed that the company is working to optimally implement the concept of sustainability through innovative development.

The Red Sea Development Co. has recently rebranded itself to “Red Sea Global.”



EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach

European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
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EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach

European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo

The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of US goods in case the talks collapse.

The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30% US tariffs that US President Donald Trump has said he will apply on August 1.

"Our focus is on finding a negotiated outcome with the US ... We believe such an outcome is within reach," an EU spokesperson said in response to reporters' questions, Reuters reported.

Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of 21 billion euros and 72 billion euros into a single list and submitting this to EU members for approval.

The rate would be up to 30%, designed to mirror US tariffs, EU sources said.

Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed.

The first package of countermeasures would enter force on August 7, with tariffs on soybeans and almonds delayed until December 1, an EU official said. The second package would enter force in two stages on September 7 and February 7.

So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70% of EU exports. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations.

CLOSING ON DEAL

The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision.

The White House said discussions of a deal should be considered "speculation". Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt."

French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached.

There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed.

Another said the EU might reduce some of its own duties. Its current import duty for cars is 10%.

Under the outlines of the potential deal, the 15% rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5%.

There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said.

Washington does not, however, appear willing to lower its 50% tariff on steel.