Red Sea Global Secures SR2 Billion Financing for Four Seasons Hotel in Saudi Arabia
Red Sea Global (RSG) has finalized a significant SR2 billion ($522 million) financing arrangement to propel the development of the prestigious Four Seasons Hotel on Shura Island in Saudi Arabia.
In a recent announcement, RSG revealed that the financial closure, facilitated by Riyad Bank, marks a crucial milestone in its ongoing collaboration with Kingdom Holding Co., a prominent Saudi investment entity dedicated to advancing the hotel's construction.
The upscale property, comprising 159 lavish hotel units, is poised to welcome guests by early 2025, contributing to the nation's burgeoning tourism sector.
Expressing his enthusiasm, John Pagano, CEO of RSG, emphasized the boundless potential of Saudi Arabia's tourism landscape, underscoring their pivotal role in positioning the country as a global tourist destination.
Pagano stated, “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.”
Pagano further highlighted the significance of the financing agreement, portraying it as a testament to the private sector's confidence in the kingdom and in Red Sea Global.
He commended Riyad Bank for their steadfast support, noting their involvement since the inception of their debt financing endeavors in 2021.
This financing initiative stands as a cornerstone of the inaugural phase of the Red Sea project, aimed at introducing a diverse array of luxury resorts, residential units, and a championship golf course.
Additionally, the project will incorporate a marina accommodating 118 yachts, along with an assortment of retail, dining, and entertainment offerings.
Source: Arab News