Red Sea Global Secures Financial Close on SAR 2 Billion Debt Financing with Riyad Bank
Debt Finance is tied to JV with Kingdom Holding Company for the development of Four Seasons Resort at The Red Sea.
Riyadh, 11th Feb 2024: Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and Amaala, has announced the successful completion of a SAR 2 billion ($522 million) financing agreement with Riyad Bank.
The financing supports RSG’s Joint Venture (JV) with Kingdom Holding Company (KHC), a prominent global investment company headquartered in Saudi Arabia, for the development of the highly anticipated Four Seasons Resort at The Red Sea destination. The initial JV was signed in October 2023.
The Four Seasons Resort at The Red Sea destination, situated on Shura Island, is set to be an unparalleled luxury property offering 159 exquisite guest rooms. Shura Island is part of the first phase of development, which will include 11 luxury, premium, and lifestyle hotels and resorts, residential units, a championship golf course, a 118-berth marina, and a comprehensive retail, dining, and entertainment complex.
Nadir Sami Al -Koraya, CEO atof Riyad Bank, said: "Red Sea Global has an incredible responsibility to be an enabler of the Kingdom’s Vision 2030, and added to this, it set its own incomparable ambitions to deliver development in a way that is responsible and regenerative.. We believed in the vision its leadership presented back then at our first encounter and last year, when The Red Sea welcomed its first guests, our faith was shown to be well-founded. We’re privileged to once again have the opportunity to support one of the world’s most ambitious developers.”
In 2023, The Red Sea welcomed its first guests and now two of its hotels are open. The Red Sea International Airport (RSI) has been receiving a regular schedule of flights since September 2023. Desert Rock and Shebara will welcome first guests later this year, while Shura Island is on track to welcome guests in 2025.
Upon full completion in 2030, the destination will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, F&B, and leisure facilities.
About Red Sea Global
Red Sea Global (RSG - www.redseaglobal.com) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) ofSaudi Arabia.
RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and regenerative development can uplift communities, drive economies, and enhance the environment. The protection of natural capital is central to all development decisions, as the organization seeks to create abetter future for all.
A cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify its economy, RSG is playing a key role in transforming the nation, by creating exciting opportunities for young Saudi talent and the private sector, as it develops built assets and destinations across multiple sectors that make a positive impact for people and planet.
RSG is the visionary company behind some of the world’s most ambitious development ventures, including luxury regenerative tourism destinations such as The Red Sea and AMAALA.
Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects that actively enhance the wellbeing of customers, communities, and environments.
