Red Sea Global Secures $522m Finance Deal with Riyad Bank

13 February 2024

Red Sea Global Secures $522m Finance Deal with Riyad Bank

Red Sea Global secures $522m finance deal with Riyad Bank to support Four Seasons resort

Red Sea Global (RSG) has successfully closed a SR2bn ($522 million) financing deal with Riyad Bank, marking a significant milestone in the development of the highly anticipated Four Seasons Resort at The Red Sea destination.The CEO of Red Sea Global, John Pagano, expressed his confidence in the Kingdom’s burgeoning tourism sector, emphasizing the strategic importance of this partnership in positioning Saudi Arabia as a global tourism hub.

He stated, “Riyad Bank has been a trusted partner since our inception, and we are thrilled to collaborate with them once again in this transformative project.”

The Four Seasons Resort, located on Shura Island, promises an unparalleled luxury experience with 159 meticulously designed guest rooms. Shura Island represents the initial phase of development, which will encompass 11 high-end hotels and resorts, residential units, a championship golf course, a marina, and a vibrant retail and entertainment complex.

Nadir Al-Koraya, CEO of Riyad Bank, echoed the sentiment, emphasizing the pivotal role of RSG in realizing the objectives of Saudi Vision 2030. He remarked, “We are honored to support Red Sea Global in its visionary endeavors and contribute to the sustainable growth of the Kingdom’s tourism landscape.”

The Red Sea destination has already witnessed the inauguration of two hotels, with Desert Rock and Shebara set to welcome guests later this year. Shura Island is slated to open its doors to visitors by 2025, marking another milestone in this ambitious project.

Upon its completion in 2030, the destination will boast 50 resorts, offering over 8,000 hotel rooms and more than 1,000 residential properties across multiple islands and inland sites. Red Sea Global envisions a comprehensive leisure ecosystem comprising luxury marinas, golf courses, and entertainment facilities.

 

13 February 2024

Red Sea Global Secures $522m Finance Deal with Riyad Bank

red sea global

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