Saudi Arabia’s The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, announced that it has achieved Financial Close on its SAR 14.120 billion (USD 3.76 billion) term loan facility and revolving credit facility with four leading Saudi banks.
The statement mentioned that, the banks are Banque Saudi Fransi, Riyad Bank, and Saudi British Bank, with Saudi National Bank acting as Mandated Lead Arrangers.
TRSP has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the first hotels will open. Phase one, which includes 16 hotels in total, will complete in 2023.
Upon completion in 2030, The Red Sea Project 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 an international airport, luxury marinas, golf courses, entertainment, and leisure facilities.
The project has surpassed significant milestones, with over 700 contracts signed to date, worth over SAR 20 B ($5 bn).
