Red Sea Global (RSG) has entered into a SAR2 billion ($533 million) financing agreement with Riyad Bank.
The financing will support Red Sea Global’s joint venture with Kingdom Holding Company for the development of the highly anticipated Four Seasons Resort on Shura Island, further supporting Saudi Arabia’s tourism ambitions.
Global tourism hub
The collaboration between Red Sea Global and Kingdom Holding Company underscores a shared commitment to elevate Saudi Arabia’s position on the global tourism stage. The Four Seasons Resort will be a luxury haven offering 159 rooms. This project is an essential part of the initial development phase of the Red Sea project which seeks to introduce a diverse range of luxury resorts, residential units, and a championship golf course.
Riyad Bank’s support
Riyad Bank’s involvement in this agreement signifies a longstanding partnership that aims to realize ambitious development goals. Nadir Al-Koraya, CEO of Riyad Bank, emphasized the bank’s belief in Red Sea Global’s vision and its pivotal role in supporting the Kingdom’s Vision 2030.
Al-Koraya praised Red Sea Global’s commitment to responsible and regenerative development. Moreover, he cited the successful inauguration of The Red Sea’s first hotels in 2023 as evidence of Red Sea Global’s capability to deliver on its promises.
Since welcoming its first guests in 2023, the Red Sea has steadily progressed towards becoming a premier tourist destination. With two hotels already operational, the Red Sea International Airport has been facilitating regular flights since September 2023. Red Sea Global’s upcoming Desert Rock and Shebara hotels are slated to open their doors later this year, while Shura Island is scheduled to welcome guests by 2025.
A vision for 2030
Looking ahead, the Red Sea destination aims for substantial expansion and transformation by 2030. Upon full completion, the destination will include 50 resorts, offering up to 8,000 hotel rooms. Moreover, it will include more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, and leisure facilities, solidifying its status as a global tourism hotspot.
The financing agreement between Red Sea Global and Riyad Bank represents a significant milestone in the journey towards realizing Saudi Arabia’s tourism ambitions. With unwavering support from key stakeholders and a clear vision for sustainable development, the destination is poised to captivate travelers worldwide and contribute significantly to the Kingdom’s economic diversification efforts.
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