Sir Anthony Ritossa’s 18th Global Family Office Investment Summit kicks off in Riyadh

RIYADH, Kingdom of Saudi Arabia: The Red Sea Development Company (TRSDC) has highlighted its ambitious regenerative tourism project, The Red Sea, in Riyadh, Saudi Arabia.

The team takes the stage at Sir Anthony Ritossa’s 18th Global Family Office Investment Summit, in the presence of His Royal Highness Prince Abdulaziz bin Faisal bin Abdulmajeed Al Saud. Leading the delegation is Chief Financial Officer Jay Rosen as VIP Speaker.

Sir Anthony’s esteemed two-day event brings together 400+ world leaders who share similar values regarding the importance of tailoring solutions to the world’s greatest challenges and making an impact through investment, positive action, and personal commitment.

Royal families, global business leaders, Sheikhs, leading entrepreneurs, and private investors are among the guests at the event. Previous Summits have raised US$2.8 billion in investments for leading global start-ups, entrepreneurs, funds, and philanthropic endeavours.

The Fireside Chat, entitled “The Red Sea Opportunity,” will address the projects that TRSDC now has under development and progress to date, including upcoming milestones and partnership opportunities. As the developer behind one of the world’s most ambitious regenerative tourism destinations, TRSDC is preserving the nation’s precious cultural and environmental heritage, creating investment opportunities for the private sector, and developing the Kingdom’s tourism industry in exciting new ways.

TRSDC will also host a workshop entitled “Attracting International Investment to the Kingdom,” to engage in conversation directly with those interested in discussing opportunities in Saudi Arabia.

AMAALA is situated north of The Red Sea destination and set in the Prince Mohammad bin Salman Natural Reserve. Designed to evolve and elevate the very best in travel, AMAALA is an ultra-luxury destination and the first global integrated family wellness destination, which will curate transformative personal journeys inspired by arts, wellness, and the purity of the Red Sea. State-of-the-art facilities and an attractive year-long events calendar will ensure AMAALA is a distinctive wellness destination worldwide.

“With great anticipation, we are thrilled to roll out the red carpet for Jay Rosen, CFO of The Red Sea Development Company and AMAALA. The company is setting new standards for sustainability while serving as a true force for change via its innovation and commitment,” said Sir Anthony Ritossa, Chairman of Ritossa Family Office.

For details on The Red Sea Development Company and the Global Family Office Investment Summit, please visit https://www.saudisummit.org.

About The Red Sea Development Company

The Red Sea Development Company (TRSDC – www.theredsea.sa) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.

The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features sweeping desert dunes, mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. It is designed to include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasizes renewable energy and water conservation and re-use, as well as a circular waste management system to achieve zero waste to landfill.

Activity for the first phase of development is well underway and is on track to be completed by the end of 2023. The project has surpassed significant milestones, with over 800 contracts signed to date, worth over SAR 20 B ($5 bn).

The 100-hectare Landscape Nursery, which will provide approximately 25 million plants for The Red Sea Project and AMAALA, is now fully operational. There are more than 10,000 workers currently on-site and 80km of new roads are now complete, including the new airport road, to better connect the destination. The Construction Village is now open and development is progressing well at the Coastal Village, which will be home to around 14,000 people who will eventually work at the destination.

About AMAALA

Set in the Prince Mohammad bin Salman Natural Reserve along Saudi Arabia’s north-western coast and spanning 4,155 sq. km, the year-round destination features a pristine landscape and diverse natural ecosystems, coupled with a unique and intriguing heritage and local culture.

Designed to evolve and elevate the very best in travel, AMAALA is an ultra-luxury destination and the first global integrated family wellness destination, set to curate transformative personal journeys inspired by arts, wellness, and the purity of the Red Sea. State-of-the-art facilities and an attractive year-long events calendar will ensure AMAALA is a distinctive wellness destination worldwide.

Phase One of Triple Bay is well underway and set to be complete in 2024. It will consist of eight resorts offering upwards of 1,200 hotel keys. Over 250 contracts have been awarded to date worth in excess of 5 billion riyals.

Once complete, AMAALA will be home to more than 3,000 hotel rooms across 25 hotels, and approximately 900 luxury residential villas, apartments, and estate homes, alongside high-end retail establishments, fine dining, wellness, and recreational facilities. 

Sustainability is a cornerstone of AMAALA, which will be powered by 100% renewable energy for which the resulting saving in CO2 emissions to the atmosphere is equivalent to nearly half a million tons each year. The destination will operate with a zero-carbon footprint once fully operational. A Public Investment Fund company and a key contributor to Vision 2030, AMAALA will establish new standards in luxury and wellness.

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