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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)
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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.”

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.