RIYADH — In a major shift for the company that oversees one of Saudi Arabia's giga project, the Red Sea Development Company (TRSDC) on Tuesday rebranded itself as the Red Sea Global (RSG). This major announcement was made on the sidelines of the sixth Future Investment Initiative in Riyadh, which was an ideal opportunity for the company to present its new portfolio to the business community. RSG is considered the developer behind two of the world's most ambitious regenerative tourism projects on Saudi Arabia's Red Sea coastline. The two luxury tourism destinations are THE RED SEA and AMAALA. Following the successful delivery of critical milestones, and with THE RED SEA destination on track to welcome first visitors in early 2023, RSG's mandate has expanded to oversee upwards of a dozen projects stretching the length of the Red Sea coast of Saudi Arabia, with the potential to expand beyond the Kingdom in the future. "With THE RED SEA and AMAALA we've proven our ability to realize mega-scale responsible developments that positively shape the futures of both the people who we welcome and employ, and the places in which we operate," CEO of RSG John Pagano said. "The announcement marks the start of our evolution into a truly global developer that can lead the category toward a new archetype for development. We are powered by extraordinary people from the Kingdom and beyond, and have the skills, knowledge, and experience required to succeed on the world stage," Pagano said. "We are not only expanding our footprint to help create massive economic opportunities – valued at hundreds of billions worth of riyals – for the people of Saudi Arabia. We also want to set new global standards in development and inspire the industry to do better," he added. RSG has a growing portfolio of projects stretching along the Red Sea coast of Saudi Arabia, with more than five additional projects already under feasibility study, entering masterplan competition phase, or at which construction has already started. The expanded mandate also includes the establishment of a series of subsidiary businesses to drive an uplift in the Saudi tourism sector and associated industries. Such RSG-owned businesses allow the organization to maintain it's stringent sustainability standards in development and operational phases, and span the creation of a seaplane company, through to hospitality and guest experience brands. The global multi-project developer's existing two giga projects under delivery are projected to contribute some SR33 billion annually to the Kingdom's economy on completion, evidencing the economic boon that RSG can deliver as it expands. RSG's projects also focus on enhancing the wellbeing of communities, including comprehensive training programs for the next generation of Saudi talent. To date, across the two live projects, the company has awarded more than 1300 contracts worth nearly SR32 billion ($8.5 bn), with some 70 percent of the total value awarded to Saudi companies reflective of the organizations ambition to positively impact the local economy. Over the last five years, the company has launched programs geared towards the upskill and training of young Saudis. Such efforts support the creation of a pool of talent, which will power the delivery of the Groups portfolio of projects and the wider growth of the tourism sector in the Kingdom. The initiatives include the Elite Graduate Program which has brought in more than 120 fresh graduates to the organization for on-the-job training over the last four years, with the next batch of graduates set to join in early 2023. An additional 1500 vocational training places have also been provided and students who successfully complete the program will be employed by RSG or one of its partners. The announcement on Tuesday also revealed a new logo concept and brand, inspired by the Red Sea, home of the organization's flagship projects, and the global aspirations of the company to have a positive impact on development worldwide.
