‎“Red Sea International” CEO: We discuss possible IPO or ‎establishment of a REIT fund

Red Sea International Company is studying a possible public offering by 2026 on the Saudi stock market

The CEO of the company, John Pagano, said that there will be some kind of trend towards the public market, whether it is an initial public offering or the establishment of a “REIT” fund.

According to Al-Arabiya, Pagano added that the company is in early talks with banks and shareholders in this regard, indicating that this process may take place by 2026 or 2027, once the hotels operate for about two years.

The CEO of Red Sea Development explained that the company’s main focus now is to create a revenue stream that helps enhance value.

Wholly owned by the Public Investment Fund (PIF) of Saudi Arabia, Red Sea International (formerly Red Sea Development) is one of the most ambitious real estate developers in the world.

The company represents one of the pillars of the ambitious Saudi Vision 2030 strategy, by contributing a pivotal role in the Kingdom’s transformation process, by exploring new economic horizons and enhancing the rich environmental and cultural heritage in Saudi Arabia.