Red Sea Global

KYCO: Know Your Company

Reveal Profile

28 October 2025

1) Overview of the Service Provider

Red Sea Global (RSG) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia, serving as one of the world’s most visionary developers focused on regenerative tourism destinations. The company was established in 2017 as The Red Sea Development Company and later evolved to Red Sea Global in 2022, reflecting its expanded portfolio and global ambitions. RSG operates as a vertically integrated real estate developer with a diverse portfolio spanning tourism, residential, experiences, infrastructure, transport, healthcare, and services across Saudi Arabia’s western coastline.

The company’s flagship destinations include The Red Sea, which began welcoming guests in 2023, AMAALA, which remains on track to welcome first guests in 2025, and Thuwal Private Retreat, which opened in 2024. RSG has also been entrusted with refurbishment works at Al Wajh Airport, focused on upgrading existing terminal infrastructure and building a new international terminal. With 5,000-10,000 employees globally, RSG positions itself as a cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify its economy away from oil dependence.

RSG operates from its headquarters in Riyadh with on-site project branches, chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud. The company has secured significant financing including a SAR 14.120 billion loan facility from four leading Saudi banks, representing the first Riyal-denominated Green Finance credit facility. Recent strategic investments include a SAR 1.2 billion commitment from stc group for digital infrastructure development, marking one of the largest single digital infrastructure investments in Saudi Arabia’s tourism sector.

The company distinguishes itself in the competitive landscape through its commitment to regenerative tourism, targeting a 30% net conservation benefit by 2040 across its destinations. RSG has achieved multiple international certifications including ISO 27001 for information security management and LEED certifications for sustainable building practices, positioning itself among industry leaders like NEOM, ROSHN, and other Vision 2030 giga-projects. The Red Sea destination spans over 28,000 square kilometers with more than 90 islands, of which only 22 are designated for development, demonstrating RSG’s environmental stewardship approach.

2) History

Red Sea Global traces its origins to July 31, 2017, when it was established as The Red Sea Development Company (TRSDC) by Saudi Arabia’s Crown Prince Mohammed bin Salman as part of the ambitious Vision 2030 program. The company was created as a wholly-owned subsidiary of the Public Investment Fund to develop The Red Sea Project, one of Saudi Arabia’s flagship giga-projects aimed at diversifying the Kingdom’s economy away from oil dependence.

In 2018, the company formally incorporated as a closed joint-stock company and began initial development work, including infrastructure preparation, road construction, and basic logistics for what would become one of the world’s most ambitious regenerative tourism projects. The early years focused on extensive environmental surveys and master planning, with construction activities commencing in earnest during the second half of 2019.

A pivotal moment came in September 2021 when John Pagano, who had joined as CEO in 2018, also assumed leadership of the AMAALA project, another major tourism destination development along Saudi Arabia’s Red Sea coast. This dual leadership role set the stage for the eventual corporate restructuring that would follow.

The company achieved a major financial milestone in January 2022 when it secured a SAR 14.120 billion green financing facility from four leading Saudi banks – the first-ever Riyal-denominated green finance credit facility. This groundbreaking financing arrangement demonstrated investor confidence in the project and established new standards for sustainable finance in the region.

October 2022 marked a transformational period when The Red Sea Development Company rebranded as Red Sea Global, reflecting its expanded mandate and global ambitions. The rebranding coincided with the formal merger of The Red Sea Project and AMAALA operations under a single corporate umbrella, creating a multi-project developer with a portfolio stretching along Saudi Arabia’s western coastline.

Following the rebrand, Red Sea Global’s mandate expanded significantly to include more than a dozen projects under feasibility study or construction along the Red Sea coast. The company also launched a series of subsidiary businesses, including a seaplane company and hospitality brands, to maintain sustainability standards across both development and operational phases.

The company welcomed its first guests in November 2023 with the opening of Six Senses Southern Dunes, marking the beginning of operational tourism activities. This was followed by additional resort openings throughout 2024, including The St. Regis Red Sea Resort in January and Nujuma, a Ritz-Carlton Reserve, in May. The company also opened Thuwal Private Retreat in 2024 as its first fully owned and operated destination.

By 2025, Red Sea Global had evolved from a single-project developer into a vertically integrated real estate company with over 11,000 employees and a diverse portfolio spanning tourism, residential, experiences, infrastructure, transport, healthcare, and services. The company has awarded more than 1,300 contracts worth approximately SAR 32 billion, with 70 percent of the value going to Saudi companies, demonstrating its commitment to supporting the local economy.

3) Key Executives

John Pagano serves as Group Chief Executive Officer of Red Sea Global, appointed in January 2018. Pagano brings nearly 40 years of international experience in delivering large-scale multi-billion-dollar developments, having previously served as president of Baha Mar Development Company Ltd in the Bahamas where he oversaw the $3.6 billion Baha Mar resort development. Before joining RSG, he established Old Fort Capital Investments Ltd, providing strategic advisory services for large-scale real estate developments internationally. Pagano holds a Bachelor’s degree in Mechanical Engineering from the University of Toronto and studied Corporate Finance at London Business School. In October 2025, he was granted Saudi citizenship after converting to Islam, recognizing his pivotal role in the Kingdom’s emerging international tourism sector.

Martin Greenslade was appointed Group Chief Financial Officer in February 2024, bringing over 30 years of experience across real estate, financial services, defense, and manufacturing sectors in the UK, Europe, and Africa. After qualifying as a chartered accountant, Greenslade spent 10 years in corporate finance, including co-founding a Nordic-focused boutique firm, before serving as Group Finance Director at Alvis Plc. Most recently, he spent 16 years as Chief Financial Officer of Land Securities Group Plc, one of the UK’s largest commercial property development companies. He currently serves as a Non-executive Director of Tullow Oil Plc where he chairs the Audit Committee, and holds a degree in Natural and Computer Sciences from the University of Cambridge.

Ahmad G. Darwish serves as Group Chief Administrative Officer, initially joining as Chief of Staff in April 2018 before his promotion in December 2020. With over 20 years of project management experience, Darwish is responsible for overseeing company operations, human resources management, and ensuring alignment with organizational vision and objectives. Prior to RSG, he spent 20 years with Saudi Aramco managing multiple projects for King Abdullah University of Science and Technology (KAUST), including the KAUST Research Park Infrastructure Project and Saudi Aramco Research Center. He is a certified member of the Project Management Institute and Saudi Council of Engineers, holding a BSc in Electric Engineering from the University of Portland and an MSc in Electronic and Electrical Engineering from the University of Glasgow.

Dr. Maryam Ali Ficociello serves as Group Chief Governance Officer, providing direction to ensure RSG’s business operates with the highest ethical standards while overseeing compliance monitoring and management programs across the organization. She has led the development of an Internal Control Framework and Enterprise Risk Management and Resilience Framework, monitoring company performance against these standards. Under her leadership, RSG became the first company in Saudi Arabia to achieve ISO 37000 for good governance in August 2022. Prior to joining RSG in 2017, she supported various public and private organizations across multiple sectors in creating governance parameters, risk management, and internal control frameworks.

Sébastien Carre serves as Group Head of Hospitality at Red Sea Global, spearheading hospitality functions for The Red Sea and AMAALA destinations. With over 30 years of experience in luxury hospitality, Carre has managed multi-properties and developed high-end hotels, resorts, and serviced residences across North America, Europe, the Middle East, Africa, and Pacific Islands. Prior to joining RSG, he served as Regional Vice President at Four Seasons Hotels & Resorts, overseeing properties in Seychelles, Abu Dhabi, Tanzania, Azerbaijan, and South Africa, and led a comprehensive reinvention of the brand’s presence in Mauritius. He is a graduate of VATEL Hospitality & Tourism Business School in Lyon, France.

Gregory Djerejian serves as Group Chief Legal Officer and Group Head of Investments, leading the development and implementation of RSG’s overall investment and legal functions. He is responsible for all Group legal affairs including corporate and commercial law, construction and delivery, projects and operations, and hospitality and real estate law. His duties encompass RSG’s investments, joint ventures, strategic partnerships, and capital markets relations. Djerejian has over three decades of experience in investments, real estate acquisitions, private equity, and corporate law, having worked extensively with leading international investors and sovereign wealth funds. He holds an MBA from Columbia Business School, a Juris Doctor from Georgetown University Law Center, and a BSFS from Georgetown University’s School of Foreign Service.

Raed Albasseet serves as Group Chief Environment and Sustainability Officer, joining RSG in 2018 with 19 years of environmental leadership experience from regional and international companies. He has built a world-class team of experts while developing a bespoke environmental governance and management framework for RSG’s development agenda. Key achievements include co-leadership of Saudi Arabia’s largest marine spatial exercise and development of educational outreach programs aligned with internationally recognized best practices including the Equator Principles and UN SDGs. Prior to RSG, he worked as International Environmental Policies and Regulatory Lead for Saudi Aramco, earning a Master of Science in Safety and Environmental Administration from the World Maritime University in Sweden.

Tareq Musmali was appointed Group Chief Internal Audit Officer in April 2021, bringing over 20 years of experience in internal audit. His previous responsibilities included establishing and leading the internal audit function of Aramco Overseas Company in the Netherlands and managing audit teams responsible for risk-based audit plans for Aramco’s owned facilities, joint ventures, and subsidiaries. Musmali has a demonstrated history of leading professional audit and compliance services, having worked to establish internal audit functions at AMAALA prior to his current role with the broader RSG organization.

4) Ownership

Red Sea Global is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. The ownership structure reflects the Kingdom’s strategic commitment to economic diversification and tourism development under Vision 2030, with RSG serving as a cornerstone investment in transforming Saudi Arabia’s economic landscape away from oil dependence.

The Public Investment Fund, which manages approximately $925 billion in assets under management, established RSG in 2018 as part of its portfolio of giga-projects designed to drive economic transformation. PIF’s ownership provides RSG with substantial financial backing and strategic support, enabling the company to undertake some of the world’s most ambitious regenerative tourism developments.

RSG’s board of directors is chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, who also serves as Chairman of PIF, demonstrating the highest level of government commitment to the company’s success. The board includes key government ministers and PIF leadership, reflecting the integrated approach to national economic development.

The company has secured significant capital structure through multiple financing arrangements. In January 2022, RSG achieved financial close on a SAR 14.120 billion green financing facility, representing the first-ever Riyal-denominated green finance credit facility. More recently, in October 2025, RSG secured an additional SAR 6.5 billion credit facility for the development of AMAALA, provided by Riyad Bank as sole underwriter along with The Saudi Investment Bank and Bank AlBilad as mandated lead arrangers.

RSG has also attracted strategic partnerships and investments from external parties. In September 2025, the company announced a SAR 1.2 billion investment from stc group for digital infrastructure development across its destinations, marking one of the largest single digital infrastructure commitments in Saudi Arabia’s tourism sector. The company has established joint ventures with international hospitality partners, including a SAR 2 billion debt financing arrangement with Kingdom Holding Company for the Four Seasons Resort development.

The ownership structure positions RSG to consider future capital market activities, with CEO John Pagano indicating the company is exploring various financing options including a potential initial public offering or conversion of assets into real estate investment trusts within three to four years. This strategic flexibility reflects PIF’s approach to developing portfolio companies to maturity before considering public market participation.

5) Legal Claims and Actions

Based on available regulatory and legal sources, Red Sea Global and its subsidiaries have limited documented legal claims and regulatory actions.

The Swiss Financial Market Supervisory Authority (FINMA) issued a warning regarding WAMA Asset Management, a subsidiary of Red Sea Global, for not being entered in the commercial register as of June 28, 2023. FINMA included WAMA Asset Management on its warning list of companies and individuals that may be operating without the requisite FINMA authorization. The warning did not specify any monetary penalties or detailed enforcement actions, but represents a regulatory compliance concern regarding proper registration requirements in Switzerland.

This regulatory notice appears to relate to administrative compliance rather than substantive operational violations, though it indicates potential gaps in subsidiary oversight and regulatory registration processes. The matter involves FINMA’s standard practice of publishing entities that may lack proper authorization to conduct financial services activities in Switzerland.

No other significant legal claims, regulatory actions, litigation, or enforcement proceedings involving Red Sea Global or its other subsidiaries were identified in available regulatory and legal databases. The company’s primary operations in Saudi Arabia appear to be governed by domestic regulatory frameworks without documented material violations or sanctions.

6) Recent Media Coverage

Red Sea Global (RSG) is pursuing significant strategic and financial developments, including a potential public market offering through an initial public offering or a real estate investment trust as early as 2026. In October 2025, CEO John Pagano announced plans for international expansion with a luxury tourism project in Italy and confirmed his appointment to the board of the NEOM giga-project. Concurrent reporting indicated that RSG will take over the development of the Sindalah tourist island from NEOM. To finance its growth, RSG is leveraging proceeds from luxury residential sales and has secured major credit facilities, including a SAR 6.5 billion ($1.7 billion) loan in October 2025 for its AMAALA destination and a SAR 2 billion ($522 million) debt financing in February 2024 for a joint venture project. The company’s CFO stated RSG has invested over $20 billion in its projects to date, with Group CEO John Pagano confirming that funding from the Public Investment Fund remains secure despite broader government spending reviews.

Operationally, RSG has achieved several project milestones since welcoming its first guests in 2023 at The Red Sea destination. By 2024, the company had opened multiple resorts, including Six Senses Southern Dunes and The St. Regis Red Sea Resort, while its own brand Shebara, launched in November 2024, is scheduled to open mid-2025. The company has expanded its aviation infrastructure by taking over the refurbishment of Al Wajh Airport and adding international flights from Dubai, Milan, and Doha to its Red Sea International Airport (RSI). In a strategic pivot toward real estate, RSG unveiled Laheq Island in April 2025, its first development focused on private residential ownership, and launched sales for its AMAALA Residences brand in October 2025. The company has also vertically integrated its operations by launching new subsidiaries, including the experiential brands WAMA and Galaxea in February 2023 and the healthcare brand Red Sea Health in August 2025.

The company has forged several key partnerships to build its operational ecosystem. In September 2025, RSG announced a SAR 1.2 billion investment from stc group to develop digital infrastructure, including AI-driven services and cloud-based operations. RSG formed a SAR 2 billion 50/50 joint venture with Kingdom Holding Company in October 2023 to develop a Four Seasons Resort, which was advised on by law firm Paul Hastings in March 2024. Other alliances include an MoU with Riyadh Air in August 2025 for joint marketing, a partnership with yacht brokerage Edmiston in September 2025 to promote the region as a superyacht hub, and an agreement with Start Equity Ventures in August 2025 to support tech startups.

RSG has garnered both industry accolades and adverse scrutiny for its ESG profile. In 2023-2025, its resorts earned multiple Michelin Keys, and the company received the “Climate Action Initiative of the Year” award at the 2023 Glotels Awards for its zero-carbon 5G network with Zain KSA. However, a December 2024 Human Rights Watch report alleged widespread labor abuses against migrant workers at Saudi giga-projects, specifically citing Red Sea Global among others and noting issues such as wage theft and illegal recruitment fees. In a December 2023 interview, CEO John Pagano acknowledged but downplayed human rights criticisms, stating that western attire is acceptable within the destination and that Saudi Arabia is undergoing dramatic change. The company’s 2023 sustainability report detailed progress on its environmental goals, including the installation of 760,000 solar panels and the planting of over five million plants, as it works toward a 30% net conservation benefit by 2040.

The company has experienced a series of executive changes, including the appointment of Sebastien Carre as Group Head of Hospitality in February 2024 and multiple promotions and appointments at the general manager and cluster sales manager levels in August 2024. This coincided with several senior-level departures, including a Commercial Director and a Project Management Director, who announced their resignations in the third and fourth quarters of 2025, respectively. In October 2025, CEO John Pagano, who has led RSG since 2018, was granted Saudi citizenship in recognition of his contributions to the Kingdom’s tourism sector.

7) Strengths

World-Leading Environmental and Sustainability Standards

Red Sea Global has established itself as the global benchmark for regenerative tourism through unprecedented environmental achievements. The company operates as the world’s largest tourism destination powered entirely by renewable energy, with 760,000 solar panels across five solar farms providing 100% clean power 24/7. RSG has achieved multiple LEED Platinum certifications, including becoming the first Saudi hotel to achieve LEED Platinum status with Six Senses Southern Dunes, and is the only non-U.S. developer recognized on the 2024 LEED Power Builders list. The company’s commitment to a 30% net conservation benefit by 2040 through protection and enhancement of coral reefs, mangroves, and marine ecosystems positions it as the industry leader in regenerative development.

Comprehensive Technological Innovation and Digital Infrastructure

RSG has pioneered cutting-edge technology integration across its destinations, achieving median 5G download speeds of 980.58 Mbps that exceed the world’s fastest cities by over 86%. The company has deployed SAP’s AI-powered copilot Joule across HR functions as the first organization in the Middle East and Africa-North region, and has partnered with leading technology firms including Globant, Adobe, and Snowflake to create AI-driven visitor experiences. RSG’s smart destination platform monitors environmental conditions through 2,500 IoT sensors and employs machine learning tools like CoralNet for automated coral reef analysis, demonstrating advanced environmental monitoring capabilities.

Exceptional Industry Recognition and Certification Portfolio

The company has achieved an unparalleled collection of international certifications and awards, including becoming the first company worldwide to receive the highest level “Optimized” Performance Excellence Award from The KPI Institute and the first Saudi company to achieve ISO 37000 for good governance. RSG holds multiple ISO certifications including ISO 27001 for information security, ISO 14001 for environmental management, and ISO 9001 for quality management, establishing comprehensive operational excellence. Five RSG resorts received Michelin Key Awards, with four earning two Keys – the highest distinction awarded to any hotel in Saudi Arabia – demonstrating world-class hospitality standards.

Strategic Financial Backing and Partnership Network

RSG benefits from substantial financial support through the Public Investment Fund, with secured financing exceeding SAR 20 billion including the first-ever Riyal-denominated green finance credit facility. The company has forged strategic partnerships with global leaders including a SAR 1.2 billion investment from stc group for digital infrastructure, joint ventures with Kingdom Holding Company, and technology partnerships with SAP, Gartner, and IDeaS. These partnerships provide access to best-in-class expertise and resources while ensuring operational scalability across RSG’s expanding portfolio.

Vertical Integration and Operational Control

The company operates as a fully vertically integrated developer, maintaining direct control over nearly 18,000 contracts rather than deploying large companies for oversight, enabling superior quality control and cost management. RSG has developed proprietary subsidiaries including Red Sea Global Hospitality, Fly Red Sea seaplane company, and specialized brands for marine activities, healthcare, and experiences. This comprehensive vertical integration allows RSG to maintain its sustainability and quality standards throughout the entire development and operational lifecycle while capturing additional value streams.

Market-Leading Project Delivery and Scale

RSG has successfully delivered on ambitious timelines, welcoming first guests in 2023 as scheduled and opening five luxury resorts within two years of initial operations. The company manages one of the world’s largest tourism developments spanning 28,000 square kilometers with over 90 islands, demonstrating exceptional project management capabilities at unprecedented scale. RSG’s track record includes completing Red Sea International Airport as the only airport in the GCC powered entirely by solar energy and achieving 70% local contractor participation worth approximately SAR 32 billion, showcasing successful delivery of complex infrastructure while supporting local economic development.

8) Potential Risks and Areas for Further Due Diligence

Geopolitical and Regional Security Dependencies

Red Sea Global operates in one of the world’s most geopolitically sensitive regions, with operations dependent on the Red Sea maritime corridor that has experienced significant security disruptions since late 2023. The company’s destinations are located along Saudi Arabia’s western coastline, directly adjacent to waters that have seen over 100 attacks on commercial vessels by Houthi forces. These attacks have forced major shipping companies to reroute around Africa, adding 10-14 days to transit times and increasing costs substantially. The company’s business model relies heavily on international tourism and global supply chains, making it vulnerable to regional conflicts that could disrupt guest access, supply deliveries, and operational continuity.

Executive Leadership Stability and Succession Planning

The company has experienced notable changes in its executive structure, including recent senior-level departures and multiple promotions across general manager and cluster sales manager levels in 2024 and 2025. While CEO John Pagano has provided consistent leadership since 2018 and was granted Saudi citizenship in recognition of his contributions, the departure of senior executives including a Commercial Director and Project Management Director raises questions about leadership retention and succession planning depth. The company’s rapid expansion from a single-project developer to a multi-destination operator with over 11,000 employees may strain existing management structures and succession capabilities.

Financial Sustainability and Market Demand Validation

Despite securing substantial financing including SAR 20+ billion in committed funding, Red Sea Global’s business model remains largely unproven at scale, with The Red Sea destination only beginning operations in 2023 and AMAALA not yet welcoming guests. The company operates in the luxury tourism market segment, which can be particularly sensitive to economic downturns and geopolitical tensions. While the company has announced plans for potential public market offerings or REIT structures within three to four years, the current revenue-generating capacity and path to profitability remain unclear given the extensive capital requirements for ongoing development phases.

Regulatory and Compliance Complexity Across Jurisdictions

Red Sea Global’s subsidiary WAMA Asset Management received a FINMA warning in June 2023 for not being entered in the commercial register, indicating potential gaps in regulatory oversight across the company’s international operations. As the company expands its global footprint with planned projects in Italy and other international markets, managing compliance across multiple regulatory frameworks becomes increasingly complex. The company’s rapid growth through subsidiary creation and international partnerships may strain existing governance and compliance systems, particularly given the regulatory requirements in financial services, hospitality, and tourism sectors.

Environmental and Sustainability Execution Risks

While Red Sea Global has committed to ambitious environmental targets including a 30% net conservation benefit by 2040 and 100% renewable energy operations, the execution risks are substantial given the scale and complexity of the developments. The company operates in sensitive marine ecosystems including coral reefs and turtle nesting sites, where construction activities pose inherent environmental risks despite best practices. Climate change impacts on the Red Sea region, including rising temperatures and sea levels, could affect the long-term viability of the marine ecosystems the company pledges to protect and enhance, potentially compromising both environmental commitments and tourism attractiveness.

Technology Infrastructure and Cybersecurity Vulnerabilities

Red Sea Global has positioned itself as a technology-forward smart destination with extensive IoT sensor networks, AI-driven systems, and digital infrastructure critical to operations. The September 2024 Red Sea cable cuts that disrupted global internet connectivity demonstrate the vulnerability of the region’s digital infrastructure to both accidental damage and potential sabotage. The company’s reliance on advanced technology systems for everything from environmental monitoring to guest services creates significant cybersecurity risks, particularly given the geopolitical tensions in the region and the increasing use of electronic warfare tactics that could target critical infrastructure and navigation systems.

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Sources

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