- PIF-owned company is preserving 75% of the islands in its Red Sea destination and capping visitor numbers
- Project aligns with Vision 2030 and Saudi Green Initiative, writes John Pagano, Group CEO of RSG
- RSG supports the Fund’s mandate to spur economic opportunity and social development
PIF-owned Red Sea Global (RSG) is doing the counter-intuitive: transforming an almost-untouched archipelago of pristine islands into a tourist destination as part of an ambition to set new standards in responsible development,
wrote John Pagano, Group CEO of Red Sea Global, in an article for Arabian Gulf Business Insight (AGBI).
The 200 km stretch of coastline, which Pagano is referring to, is home to the world’s fourth largest reef and many endemic species of wildlife. Covering a total of 28,000 km – the size of Belgium – the resort is being
sensitively developed in a way that considers its many interconnected aspects.
Located on Saudi Arabia’s northwestern coast, the Red Sea destination will also boost economic growth and job creation while adding a new destination to the eco-luxury map.
How is the project being built? Firstly, it aligns with Saudi Vision 2030, the economic transformation roadmap that is diversifying the national economy. PIF is a major economic catalyst for the strategy.
Secondly, it is also in line with the Saudi Green Initiative and its goals to protect the environment and accelerate the global transition to clean energy.
To this end, RSG is preserving 75% of the islands, while the number of visitors to the remaining 22 developed islands will be capped at one million annually by 2030. The first phase of the project has been run entirely on
renewable solar energy, with 740,000+ solar panels already installed at the destination’s solar farms. What’s more, a battery storage facility will be the largest in the world at 1,200 megawatt-hours, ensuring the destination
remains off-grid 24/7.
“We have built the largest constructed wetlands to treat our wastewater, which not only creates additional habitats but also provides treated water to irrigate our landscape,” wrote Pagano.
“The ‘think globally, act locally’ ethos, importantly, extends to the people who live and work in the region.”
Accordingly, RSG is also investing in creating a future-ready workforce, supporting PIF’s mandate to spur economic opportunity and social development.
Read the full AGBI article
here.
Content on third-party media sites does not necessarily represent the views of PIF, its portfolio companies, or affiliates.
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