In May 2018, the Red Sea Project was listed as a closed joint stock company under the name Red Sea Development Company, an independent project development company wholly owned by the Public Investment Fund. The new company is headed by John Bagano, former CEO of Canary Wharf. The transformation of the project into a closed joint-stock company helps to create a special area within the project that has an independent regulatory framework aimed at focusing on environmental sustainability and providing several facilities such as visa grants on arrival and sophisticated business systems.