Red Sea Global secures $522m funding for Four Seasons property
RIYADH, February 11, 2024
Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and Amaala, has announced that it has successfully closed a SAR2 billion ($522 million) financing agreement with Riyad Bank, a key financial institution in Saudi Arabia.
The financing supports RSG’s joint venture with Kingdom Holding Company (KHC), a prominent global investment company headquartered in Saudi Arabia, for the development of its Four Seasons Resort at The Red Sea destination.
Located on Shura Island, the Four Seasons property will boast 159 exquisite guest rooms along with other premium amenities. The initial JV for the property was signed in October last year.
Shura Island is being developed as 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.
"The kingdom’s tourism potential is truly limitless and with our first two hotels now open, we are at the vanguard of putting Saudi Arabia on the global tourism map. This deal signifies the confidence of the private sector in the country, its people and in Red Sea Global," remarked its Group CEO John Pagano.
"Riyad Bank has been with us since our first debt financing deal in 2021 and we’re honored to have them partner with us once again," he added.
Riyad Bank CEO Nadir Sami Al Koraya said: "RSG 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," he added.
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.-TradeArabia News Service
