State-backed Saudi developer Red Sea Global is taking over the troubled Sindalah island resort, its CEO confirmed for the first time, as the kingdom moves to salvage one of the most visible stumbles in its Vision 2030 plan.  "It hasn't officially been handed over but it will, and when it does we will then assume responsibility for it, we'll assess how to complete it and bring it back to life," John Pagano told Reuters on the sidelines of a Saudi business conference in Rome.

The decision to hand Sindalah to Pagano reflects his standing as one of the more proven executives in the kingdom's sprawling sovereign wealth fund ecosystem, with a record of delivering large-scale tourism projects.

Originally part of the NEOM megacity development, the multibillion-dollar project has never opened to the public despite a VIP launch party in autumn 2024 attended by celebrities on superyachts.

The launch event was marred by shoddy finishing on the development, seen by three people familiar with Sindalah's operations as an embarrassment.

NEOM Chief Executive Nadhmi al-Nasr was removed from his post weeks after the launch.

Read the full story at Sahm