Red Sea Global secures SAR 2B financing with Riyad Bank

11/02/2024 Argaam

Red Sea Global secures SAR 2B financing with Riyad Bank

Logo of Red Sea Global Co.

Red Sea Global Co. (RSG), the developer behind The Red Sea and Amaala destinations, announced today, Feb. 11, the financial closure on a SAR 2 billion ($522 million) financing agreement with Riyad Bank.

 

The financing would bolster the joint venture between RSG and Kingdom Holding Co. for developing the Four Seasons resort, the company said in a statement.

 

John Pagano, CEO of RSG, also highlighted the boundless tourism potential within Saudi Arabia.

 

RSG finalized an investment deal in October 2023 with Kingdom Holding for a joint venture. This venture aims to develop and own the Red Sea Four Seasons resort, with a total investment of SAR 2 billion, according to data compiled by Argaam.

 

Jointly owned by both companies, the project is situated on Shura Island. It will feature 149 hotel units and suites, 31 residential properties, and additional facilities, slated for opening in early 2025.

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