Red Sea Global has also partnered with Bunat Ventures in the creation of a first-of-its-kind fund focused on artificial intelligence startups in the Kingdom.
According to a press release, the new AI venture fund will focus on early-and growth-stage firms built around AI or a fundamental part of their business.
The fund provides more than capital with the plans of supporting approximately 25 startups in the next three years. It will offer chosen companies, particularly the ones located in Saudi Arabia, the opportunity to test in real-life in the vast operations of RSG, such as luxury resorts and an international airport.
The partnership was framed by Sultan Moraished, the group head of Technology and Corporate Excellence at Red Sea Global, as necessary in the future.
He said, “At Red Sea Global, we view innovation as a catalyst for a regenerative future.” Moraished added that “This partnership with Bunat VC reflects our belief that technology is fundamental to sustainability, enabling us to invest in bold ideas that will accelerate the Kingdom’s digital transformation and inspire global progress.”
The project will support the innovation ecosystem in the Kingdom by targeting local entrepreneurs and international ventures founded by Saudi nationals entering the state. It is aimed at stimulating the creation of new jobs, attracting foreign talent, and making the country an industry leader in the world of AI.
The collaborative vision was highlighted by Khaled Zainalabedin, the CEO and managing partner of Bunat VC. He stated, “Our collaboration with Red Sea Global brings together visionary development and agile venture capital.”
Zainalabedin reported that “Together, we are building a platform to empower the next generation of Saudi AI pioneers who will redefine industries, shape communities, and strengthen Saudi Arabia’s leadership in the global innovation arena.”
Red Sea Global, the developer behind the regenerative tourism projects The Red Sea and AMAALA, began welcoming guests to The Red Sea in 2023 and now operates 10 resorts and an international airport.
The opening is accompanied by the continued expansion of its flagship destination, such as the introduction of the first resorts on Shura Island this year.
