RSG secures SAR 6.5B funding to develop AMAALA project

AMAALA, situated at Triple Bay, is set to open this year, with more than 1,400 hotel rooms across eight different resorts

Red Sea Global (RSG), a Public Investment Fund (PIF)-owned company, announced today, Oct. 28, securing a SAR 6.5 billion ($1.73 billion) credit facility for the development of its AMAALA project.

In a statement, the company clarified that the funding is being led by Riyad Bank as the sole underwriter, along with The Saudi Investment Bank (SAIB) and Bank Albilad as mandated lead arrangers.

The loan agreement offers a mix of conventional and Islamic financing, adhering to RSG’s green loan framework.

International law firm Akin was the advisor on the deal, while Linklaters’ Riyadh office acted as lenders’ counsel.

AMAALA, situated at Triple Bay, is set to open this year, with more than 1,400 hotel rooms across eight different resorts. It is positioned as an ultra-luxury wellness destination with regeneration at its core.

Two of AMAALA’s hallmark features include Corallium Marine Life Institute, an educational and scientific research center, and the AMAALA Yacht Club, destined to become an international hub for luxury yachting, according to the statement.