The Red Sea International Company, developer of two of the most regenerative tourism projects (The Red Sea and Amaala), announced that it has achieved a financial close of more than SAR 1 billion for its joint alliance agreement with Al Mutlaq Real Estate Investment Company.
Red Sea International CEO John Pagano said the SAR 1.081 billion (US$288 million) green financing was secured by Gulf International Bank (GIB) to fund the initial joint venture alliance with Al Mutlaq, which was finalized in July 2022, with a value of SAR 1.SAR 6 billion to develop Jumeirah Red Sea, a 159-unit luxury resort on Shura, the main island of the Red Sea destination, which will include 11 resorts, a luxury hotel, residential units, a championship golf course, 118 yacht berths, and a variety of shops, restaurants and entertainment facilities.
Pagano added. Pagano added that achieving the financial closure of the financing loan for this resort within such a short period of time from the signing of the joint alliance is a clear indication of the private sector's confidence in the long-term success of the tourist destination and the desire of the investment community in these pioneering projects and projects of Saudi Vision 2030.
Pagano emphasized that the portfolio of the company's portfolio includes a variety of shops, residential units, a golf course, and a yacht marina, in addition to a variety of shops and shops. He stressed that the destination's portfolio of projects offers promising investment opportunities for many companies, through its ability to exploit key strategic real estate assets and drive economic growth and diversification as defined by the Kingdom's vision, expecting more future agreements from those interested in environmental, social and corporate governance.
Pagano said that the signing of the joint alliance is a sign of the private sector's confidence in the long-term success of the destination and the desire of the investment community in these pioneering projects and the projects of the Saudi Vision 2030. <Pagano said that GIB-Saudi is the fifth Saudi bank to support Red Sea International in the borrowed capital markets after the participation of Banque Saudi Fransi, Riyad Bank, Saudi British Bank and National Bank of Saudi Arabia in the green financing of Red Sea International, which was closed in 2022, where Red Sea International achieved the financial closure of the first Saudi Riyal-denominated credit facility granted under the green financing framework in the amount of 14.120 billion SAR (US$3.76 billion).
<a style=“color: #993300;” href=“https://amlak.net.The Red Sea Destination has reached important milestones in its development and is on track to welcome guests by 2023 with the opening of the international airport and the first group of hotels. Upon completion, the destination will feature 50 resorts, 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland locations. The destination will also include a luxury yacht marina, golf course, entertainment facilities and retail outlets.
The destination will also include a luxurious marina, golf course, leisure facilities and retail outlets.
