The Red Sea Development Company (TRSDC) has entered into its first joint venture with local investor Almutlaq Real Estate Investment Company (AREIC). A subsidiary of the Al Mutlaq Group (AMG), AREIC will develop the 159-key Jumeirah The Red Sea luxury resort. The joint venture is TRSDC’s first collaboration with the private sector and is valued at approximately SR 1.5 billion.
Jumeirah The Red Sea is to be developed on Shura, the hub island of The Red Sea Project, and is expected to open in 2024. Shura will play host to residential units, a championship golf course, 118 berth marina, and a wide range of retail, dining, and entertainment options in addition to 11 luxury, premium, and lifestyle hotels and resorts.
The joint venture is TRSDC’s first collaboration with the private sector
TRSDC said it is in simultaneous discussions with several other investors under a comparable framework to invest in The Red Sea Project’s commercial assets, including hotels and resorts, leisure, and retail and dining.
Tariq Almutlaq, Chairman of AREIC, commented: “We have been studying the giga projects for some time, and the Red Sea is achieving its vision. The destination is coming to life, and we look forward to welcoming our first guests in 2024.”