Red Sea Global is exploring potential strategic partnership opportunities in Egypt.
Red Sea Global, a Saudi Arabian company owned by the Kingdom’s Public Investment Fund, recently organized its second promotional procurement exhibition in Cairo, Egypt. The event, held in collaboration with its media partner MEED Network, attracted representatives from over 100 Egyptian companies from the private sector. The exhibition is part of a series of local, regional, and international introductory meetings conducted by Red Sea Global to explore strategic partnership opportunities and showcase its growing portfolio of projects.
Ben Edwards, the group head of cost, commercial, and procurement at Red Sea Global, emphasized the significance of presenting projects and opportunities to the Egyptian market as a major strategic step for the company this year. Edwards highlighted the company’s commitment to an innovative approach, particularly in terms of sustainability. Red Sea Global aims to identify organizations and companies that share the same vision and establish real partnerships to drive their ambitious projects forward.
Red Sea Global has been making steady progress in implementing projects for its “Red Sea” and “Amaala” destinations, which are renowned for their luxury and unique offerings. The company currently has twelve future projects in its portfolio, according to the Saudi Press Agency (SPA). In March, Red Sea Global conducted its first regional induction tour in Doha, Qatar, where it engaged with representatives from over 100 Qatari companies, further expanding its network of potential partners.
The company’s commitment to its projects is evident through the significant contracts it has awarded. Red Sea Global has already awarded contracts worth over SR40 billion ($10.6 billion) for its “Red Sea” and “Amaala” destinations. This year alone, contracts worth SR5 billion have been awarded, and an additional SR20 billion is expected to be awarded before the end of the year, showcasing the scale and ambition of the company’s ventures.
The exhibition in Cairo serves as a platform for Red Sea Global to engage with Egyptian businesses and explore potential partnership opportunities. By fostering collaborations with the private sector, the company aims to leverage the expertise and resources of local companies to support the successful delivery of its projects. These partnerships will play a crucial role in bringing Red Sea Global’s vision to life and realizing its goals of creating exceptional and sustainable destinations.
The initiatives undertaken by Red Sea Global reflect Saudi Arabia’s commitment to advancing its tourism and investment sectors. The “Red Sea” and “Amaala” destinations have garnered significant attention as key components of the Kingdom’s ambitious Vision 2030 plan. These projects not only aim to enhance the tourism landscape but also contribute to economic diversification and job creation.
As a wholly-owned subsidiary of the Kingdom’s Public Investment Fund, Red Sea Global is focused on developing and delivering a diverse portfolio of projects. The exhibition in Cairo served as an opportunity for the company to showcase its projects and explore potential partnerships with Egyptian businesses. By establishing collaborations with the private sector, Red Sea Global aims to leverage local expertise and resources to ensure the successful implementation of its projects.
Ben Edwards described the event as a significant step forward for the company in its pursuit of an innovative and sustainable approach. Edwards highlighted the company’s dedication to identifying like-minded organizations and companies to establish genuine partnerships that align with its vision.
As Red Sea Global continues to engage with potential partners and advance its projects, it is expected to play a vital role in driving growth and development within the tourism and hospitality sectors in Saudi Arabia and beyond. Through strategic partnerships and innovative approaches, the company is poised to shape the future of luxury travel experiences while contributing to the Kingdom’s economic transformation.
