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Red Sea Global secures $522m for Four Seasons Resort

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.

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