Tabuk, February 11, 2024, Red Sea Global (RSG) announced today, through a press release, the successful finalization of a SAR2 billion ($522 million) financing agreement with Riyad Bank. This funding arrangement is earmarked to bolster RSG's Joint Venture (JV) with Kingdom Holding Company (KHC), a leading global investment firm headquartered in Saudi Arabia, for the development of the highly anticipated Four Seasons Resort at The Red Sea destination.
According to the release, RSG CEO John Pagano expressed his confidence in the limitless tourism potential of the Kingdom, stating, "With our first two hotels now open, we are at the vanguard of putting Saudi Arabia on the global tourism map." Pagano also conveyed his gratitude to Riyad Bank for their continued partnership since their initial debt financing deal in 2021.
Pagano further elaborated on the Four Seasons Resort's positioning on Shura Island, slated to offer 159 luxurious guest rooms. He emphasized that Shura Island represents the inaugural phase of development, which encompasses 11 luxury, premium, and lifestyle hotels and resorts, residential units, a championship golf course, a 118-berth marina, and an extensive retail, dining, and entertainment complex.
In response, Riyad Bank CEO Nadir Al-Koraya highlighted RSG's pivotal role in advancing the objectives of Vision 2030 and lauded its commitment to responsible and regenerative development. Al-Koraya underscored Riyad Bank's unwavering support for RSG's ambitious endeavors, which were initially demonstrated when The Red Sea welcomed its inaugural guests in 2023.
With two hotels currently operational, The Red Sea International Airport (RSI) has been servicing regular flights since September 2023. The forthcoming Desert Rock and Shebara hotels are scheduled to greet their first guests later this year, while Shura Island is projected to open its doors to visitors by 2025.
Upon its full completion in 2030, The Red Sea destination is poised to encompass 50 resorts, providing up to 8,000 hotel rooms and over 1,000 residential properties spread across 22 islands and six inland sites. Additionally, the destination will feature luxury marinas, golf courses, and an array of entertainment and leisure amenities, as outlined in the release.
