Red Sea Global to Launch Luxury Project in Italy, CEO John Pagano Says

📷Pagano during an interview with Reuters in Abu Dhabi, United Arab Emirates, October 22, 2025. REUTERS/Rula Rouhana

Riyadh, October 22 (Saudi Arabia Breaking News) – Red Sea Global (RSG), a leading developer fully owned by Saudi Arabia’s Public Investment Fund (PIF), will soon announce the launch of a luxury project in Italy, the company’s Chief Executive Officer John Pagano told Reuters in an interview on the sidelines of an investment summit.

Pagano also confirmed that he will join the board of NEOM, the Kingdom’s $500 billion megaproject on the Red Sea coast.

NEOM, a planned high-tech city roughly the size of Belgium, aims to accommodate around nine million residents. The project remains one of the central pillars of Saudi Arabia’s Vision 2030, though it has encountered several implementation challenges and scheduling adjustments.

RSG, one of the Kingdom’s flagship PIF-backed tourism and development companies, continues to play a pivotal role in Saudi Arabia’s strategy to diversify its economy and reduce reliance on oil revenues.