The first joint-venture (JV) resort on Shura Island, a key feature of Saudi Arabia’s Red Sea giga-project, is set to open this week.
The Four Seasons Resort and Residences Red Sea, with an investment of SAR 2.6B (approximately $690M), will officially welcome guests on 20 May.
The development, a collaboration between Red Sea Global and Kingdom Holding Company, aims to enhance the region’s tourism offerings during one of the peak travel periods.
Shura Island Resort
The resort offers 149 rooms and suites, along with 31 residential properties and six dining options. Originally scheduled for completion in early 2025, the project has been expedited to meet increasing demand.
The facility operates entirely on renewable energy and includes advanced water and waste management systems to limit environmental impact. Financing for the venture was bolstered by a SAR 2B loan ($532M) secured from Riyad Bank.
Hotel Participation
Currently, eleven hotels are functioning at the Red Sea destination, with an additional six resorts earmarked for launch on Shura Island in the upcoming months.
Recent occupancy levels reached 82% during the last ten days of Ramadan, with expectations of heightened demand ahead of Eid Al Adha.
Red Sea Global is introducing 32 new flights at the Red Sea International Airport during the holiday season to accommodate the arrival.
The ownership structure of Kingdom Holding Company reveals that Prince Alwaleed bin Talal possesses 78.13% of the firm, while the Public Investment Fund holds a 16.86% stake according to data from the Saudi stock exchange.
On Monday, Kingdom Holding Company’s shares rose by 0.2%, closing at SAR 11.03, marking an impressive year-to-date increase of 38%.
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