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.”
