Riyadh – Mubasher: Kingdom Holding Company and Red Sea Global Company (RSG) developed Four Seasons Resort and Residences at Shura Island, which welcomed its first guests on 20 May.
This milestone aligns with the listed group’s strategy to develop long-term capital into the hospitality and tourism sector in the Kingdom within the framework of Saudi Vision 2030, according to a bourse filing.
The SAR 2.60 billion resort was developed through a 50-50 joint venture (JV) between RSG and Kingdom Holding, with SAR 2 billion ($522 million) in debt financing provided by Riyad Bank.
Group CEO at Red Sea Global, John Pagano, commented: “Launching reservations for the first joint venture-developed resort in our portfolio is also an important commercial milestone for RSG, demonstrating the value of strategic partnerships, the strength of our investment proposition, and reflecting growing market confidence in Saudi Arabia’s tourism sector.”
In the first quarter (Q1) of 2026, the company’s net profits dropped by 37.70% to SAR 268.88 million from SAR 431.61 million in Q1-25.
