{"id":2597,"date":"2026-06-21T16:42:30","date_gmt":"2026-06-21T16:42:30","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2597"},"modified":"2026-06-21T16:42:30","modified_gmt":"2026-06-21T16:42:30","slug":"red-sea-global-aims-to-bring-troubled-saudi-luxury-island-back-to-life","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2597","title":{"rendered":"Red Sea Global aims to bring troubled Saudi luxury island &#8216;back to life&#8217;"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>ROME June 18 (Reuters) &#8211; State-backed Saudi developer Red Sea Global is \u200btaking over the troubled Sindalah island resort, its CEO confirmed for the first time, as the kingdom moves to \u200csalvage one of the sorest stumbles in its Vision 2030 plan.<\/div>\n<div>&#8220;It hasn&#8217;t officially been handed over but it will, and when it does we will then assume responsibility for it. We&#8217;ll assess how to complete it and bring it back to life,&#8221; John Pagano told Reuters on the sidelines of a Saudi business conference in \u200bRome.<\/div>\n<div>The decision to hand Sindalah to Pagano reflects his standing as one of the more proven executives in the kingdom&#8217;s sprawling \u200bsovereign wealth fund ecosystem, with a record of delivering tourism projects.<\/div>\n<div>Originally part of the NEOM megacity development, the \u2060multibillion-dollar Sindalah development has never opened to the public despite a VIP launch party in autumn 2024 attended by celebrities on superyachts.<\/div>\n<div>The launch \u200bevent was marred by shoddy finishing on the development, which three sources familiar with Sindalah&#8217;s operations said was seen as an embarrassment.<\/div>\n<div>NEOM Chief \u200bExecutive Nadhmi al-Nasr was removed from his post weeks after the launch.<\/div>\n<div>&#8220;In the rush to finish they got it wrong,&#8221; said one of the sources, &#8220;and it was the straw that broke the camel&#8217;s back for Nadhmi.&#8221;<\/div>\n<div>The Financial Times reported last year that Red Sea Global was in line to take over the island.<\/div>\n<div>&#8220;I think the issue there \u200bwas there were unrealistic timelines set for delivery,&#8221; Pagano said.<\/div>\n<div>&#8220;It shouldn&#8217;t have opened like that.&#8221;<\/div>\n<h2>BATTERED BY WIND AND WAVES<\/h2>\n<div>Sindalah&#8217;s problems run deep.<\/div>\n<div>The marina \u200blets waves roll in for much of the year, rocking the few boats that have moored there, the sources said.<\/div>\n<div>The island is also frequently hit by \u200cstrong winds, \u2060a factor not properly accounted for due to inadequate assessments before construction began, they added.<\/div>\n<div>In 2023, Crown Prince Mohammed bin Salman gave an interview to Fox News on Sindalah, his white thobe &#8211; the Saudi traditional dress &#8211; billowing as he walked the island with interviewer Bret Baier, who later noted it was &#8220;very windy&#8221;.<\/div>\n<h2>&#8216;WE DID IT DIFFERENTLY&#8217;<\/h2>\n<div>Red Sea Global has 14 resorts open across the Red Sea coast, rising to 25 by end \u200bof August and 27 by year-end, \u200bPagano said.<\/div>\n<div>It is now adding \u2060resorts priced around $400 to $500 per night, after criticism over the prohibitive pricing of initial ultra-luxury offerings at about $2,000.<\/div>\n<div>The transfer also reflects a broader shift in Vision 2030, the kingdom&#8217;s drive to diversify its economy away from oil.<\/div>\n<div>NEOM&#8217;s \u200bThe Line, once envisioned as a 170-km (106 mile) linear city, has been sharply scaled back and Saudi \u200bArabia no longer \u2060plans to complete it by 2030.<\/div>\n<div>Construction of the Mukaab, a vast cube-shaped structure planned for central Riyadh, has also been suspended as projects that can deliver returns are prioritised.<\/div>\n<div>Pagano said Red Sea Global&#8217;s delivery record stems from building in-house expertise rather than relying on contractors.<\/div>\n<div>He was granted Saudi citizenship last year, underscoring \u2060the value \u200bplaced on his work.<\/div>\n<div>&#8220;We did it differently &#8230; I didn&#8217;t want to follow the business \u200bas usual model which was to bring in third parties,&#8221; he said.<\/div>\n<div>&#8220;We built capabilities. We retained the knowledge&#8230; If you hire third parties to come, they&#8217;ll come and develop \u200band help you deliver, but the knowledge and experience disappear with them.&#8221;<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2595\">Spain swelters in first official heatwave of 2026<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2593\">Europe braces for prolonged heatwave as temperatures approach 40C<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2591\">No-fly zone for Iran talks disrupted flights at Zurich airport, authorities say<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>State-backed Saudi developer Red Sea Global is \u200btaking over the troubled Sindalah island resort, its CEO confirmed for the first time, as the kingdom moves to \u200csalvage one of the sorest stumbles in its Vision 2030 plan.<\/p>\n","protected":false},"author":1,"featured_media":2596,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6],"class_list":["post-2597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-middle-east"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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