Yahoo Finance Meet the ex-Canary Wharf boss now building a tourist paradise in Saudi Arabia
John Pagano is overseeing one of the most dramatic property developments in the world. The industry veteran tells us why he’s so excited.
Sitting not far from Canary Wharf, where he served as managing director for almost five years, John Pagano could be forgiven for reminiscing.
But as the man behind one of the world’s most ambitious new property developments, the delivery of 79 hotels and a private resort across three sites on the west coast of Saudi Arabia, he’s resolutely looking forward.
“We’re developing a part of Saudi Arabia which is almost literally untouched. That comes with a lot of responsibility, but a lot of challenges in terms of infrastructure,” the chief exec of Red Sea Global – the parent company behind the three resorts – tells City A.M.
“So to be able to bring the destination to life slowly is to my view, really advantageous.”
Pagano’s version of ‘slowly’ is a very modern Saudi interpretation. From nothing, the firm’s destinations already includes a Six Senses and a St Regis Hotel at the Red Sea resort, and AMAALA remains on track to welcome guests in 2025. Thuwal, a luxury private island resort, will open in the first half of this year and the Red Sea International Airport opened in 2023, receiving a regular schedule of domestic flights.
Backed by the Kingdom’s Public Infrastructure Fund, Red Sea Global’s two resorts and one private retreat are hallmarks of Saudi’s bid to turn the country into a tourist hotspot. It is worth remembering that tourist visas to Saudi are only five years old.
“I’m having the time of my life. I’m being able to develop a place without immediate commercial pressure, so I don’t have public markets shareholders breathing down my neck saying return, return, returns,” Pagano says.
“This is a much bigger ambition, because Saudi Arabia is on a mission to diversify the economy, create a vibrant society, create employment opportunities. So I can do things that under normal circumstances would be difficult.”
That includes ensuring that the entire development is not just carbon neutral by 2020 but with a ‘conservation benefit’ across the Red Sea by 2040, with a Marine Protected Area and 30 million plants. A Corrallium – a marine life institute – will add to the green credentials.
“Sustainability means the status quo – and that’s no longer enough when you think about it. We’ve created enough issues for ourselves,” he chuckles.
Pagano is alive to the obvious – building an airport doesn’t scream sustainability – but the airport runs off-grid 24 hours a day, powered by renewable solar energy. And he’s proud of the work he’s doing – and excited about the project coming to life.
“As a developer, you build stuff, but it’s not until stuff comes to life that it becomes a place.
“We’re at that starting point, opening up the destination, doors are opening, guests are coming, first impressions are happening. But it’s the beginning of a very long journey.”
