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Red Sea Global has lined up SAR 2 bn in financing from Riyad Bank, it said in a statement yesterday. The wholly-owned unit of the Public Investment Fund will use the facility to develop a Four Seasons resort at its landmark tourist destination, The Red Sea, it said.
What we know: A JV between RSG and Prince Al Waleed Bin Talal’s Kingdom Holding will co-develop the luxury resort, which RSG said last year could welcome guests as early as next year.
About the property: The 159-key resort is on Shura Island and part of a portfolio that The Red Sea says will be 11 luxury hotels, residences, a golf course, an 118-berth marina, and a retail dining and entertainment center in the first phase. The destination aims to be home to 50 resorts, 8k hotel rooms, and over 1k residential properties across 22 islands and six inland sites by 2030
What they said: “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. 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,” RSG CEO John Pagano said.
