Saudi Red Sea Global Plans Italy Luxury Expansion, CEO Joins NEOM Board

Red Sea Global (RSG), a luxury resort developer owned by Saudi Arabia's sovereign wealth fund PIF, plans to expand internationally with its first project in Italy, focusing on tourism and hospitality. CEO John Pagano, who will join the board of the Saudi mega project NEOM, highlighted RSG's success in developing ultra-luxury resorts along Saudi Arabia's Red Sea coast as part of Crown Prince Mohammed bin Salman's Vision 2030 economic diversification initiative. RSG has grown significantly since its inception, now employing around 11,000 people, and plans to open 17 more resorts by May 2026. NEOM, a large desert mega-city project, has faced delays and been scaled back to prioritize the 2034 World Cup, but Pagano expects changes to accelerate its delivery. RSG's approach involves managing all construction aspects internally to ensure quality and sustainability, setting a foundation for its selective international ventures. This expansion into Italy marks a strategic move reflecting Saudi Arabia's broader vision to transform its economy beyond oil reliance.