Skip to content Skip to Search
Skip navigation

Red Sea Global secures $522m for Four Seasons Resort

By Pramod Kumar
Red Sea Global CEO John Pagano and Riyad Bank CEO Nadir Sami Al-Koraya sign the loan agreement for the Four Seasons Resort Red Sea Global
Red Sea Global CEO John Pagano and Riyad Bank CEO Nadir Sami Al-Koraya sign the loan agreement for the Four Seasons Resort

Saudi giga-project developer Red Sea Global (RSG) has secured SAR2 billion ($522 million) from Riyad Bank for its latest tourism project in the Red Sea development.

The financing will be used to develop Four Seasons Resort, part of a joint venture between RSG and Kingdom Holding Company, which was incorporated in December 2023.

The Four Seasons Resort on Shura Island will have 159 guest rooms and is expected to open in early 2025.

The Shura Island is part of the first phase of development, which will include 11 luxury hotels and resorts, residential units, a championship golf course, a 118-berth marina, and a retail, dining, and entertainment complex.

The island is on track to receive guests next year.

RSG opened its first two hotels last year, with Desert Rock and Shebara set to open in 2024.

Upon full completion in 2030, the tourism destination will have 50 resorts, 8,000 hotel rooms and more than 1,000 residential properties.

Tourism minister Ahmed Al-Khateeb last week said Saudi Arabia hosted more than 100 million tourists in 2023, who collectively spent SAR100 billion.

He disclosed that the new strategy laid out by Crown Prince Mohammed bin Salman is intended to attract 150 million tourists, some 80 million domestic and 70 million international visitors, by 2030.

Latest articles

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

Mark Foster, who played professional rugby for Gloucester and now heads LIV Golf, says the sport is ripe for investment

LIV Golf chief says rugby next in line for Gulf funds

Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […]

Dubai mall Lamcy Plaza

Fire-hit Dubai shopping mall fails to attract auction bids

A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction. The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers. The five-storey neighbourhood mall, which opened in 1997, […]

Emirates Nigeria

Emirates to resume Nigeria service from October

Emirates will restart services to Nigeria from October 1, after suspending flights on the route for almost two years. The Dubai airline will operate a daily service to  Lagos, Nigeria’s largest city.  “We are excited to resume our services to Nigeria,” said Adnan Kazim, deputy president and chief commercial officer, Emirates.  “We thank the Nigerian government for their partnership and support in re-establishing this […]