Red Sea Global Ventures into Italian Luxury Market

Red Sea Global, a developer under Saudi Arabia's sovereign wealth fund PIF, is on the cusp of announcing a new luxury project in Italy. This was revealed by CEO John Pagano in an interview with Reuters during the Reuters NEXT Gulf summit in Abu Dhabi.

Pagano further disclosed his forthcoming role on the board of NEOM, Saudi Arabia's ambitious $500 billion development venture. The dual announcements underscore strategic moves by Red Sea Global to enhance its international footprint.

These initiatives are integral to Saudi Arabia's Vision 2030, a comprehensive strategic program aiming to diversify its economic portfolio and decrease the kingdom's heavy reliance on oil.