Red Sea Global (RSG), the developer owned by Saudi Arabia's Public Investment Fund (PIF), announced a new deal on Thursday that will bring expertise from Monaco to establish the kingdom as a major yachting destination.
The partnership, signed with Monaco Marina Management (M3), will help Red Sea Global's Amaala Yacht Club meet the criteria and standards to obtain the "La Belle Classe Destinations" certification, which is considered a marker of excellence for yacht clubs and marinas around the world.
Known as the playground of high-net-worth individuals, Monaco is home to some of the premium yacht ports in the world.
Red Sea Global's Amaala project is one of the flagship Saudi Vision 2030 projects that will be home to more than 3,900 rooms across 29 hotels and approximately 1,200 luxury residential villas, apartments and estate homes. Its yacht club, estimated to be worth $2 billion, boasts a 120-berth marina.
The first phase of the Amaala project, which consists of eight resorts offering at least 1,200 hotel keys, is expected to welcome its guests in 2025.
The agreement with M3 also includes creating a sailing academy, supporting training and recruitment, and providing seasonal, reciprocal opportunities for members, cadets and youth.
"What excites me most about this partnership is the opportunity for training and knowledge transfer," said John Pagano, Group CEO of Red Sea Global.
"Empowering Saudi nationals has always been at the centre of our regenerative approach, and with our marina employees receiving best-in-class training both in Monaco and at Amaala, we are confident that we are fulfilling our promise to create destinations by the people and for the people of Saudi Arabia."
(Writing by Cleofe Maceda; editing by Seban Scaria)