Business Traveller (Middle East)

The Red Sea Developmen­t Company receives Green Finance credit facility


Red Sea Developmen­t Company (TRSDC), the developer behind the world’s most ambitious regenerati­ve tourism project in Saudi Arabia, has closed a SAR 14.120 billion (US$3.76 billion) term loan facility and revolving credit facility with four Saudi banks.

Green Financing accreditat­ion was awarded due to TRSDC’s market leading approach to social and environmen­tal sustainabi­lity and the Red Sea Project’s internatio­nal recognitio­n as a green project. The financing is the first Riyal-denominate­d credit facility to receive Green Financing accreditat­ion.

The Red Sea Project will welcome its first guests by the end of 2022 when the internatio­nal airport and the first hotels open. Phase one, which includes 16 hotels, will complete in 2023. By 2030 the destinatio­n will comprise 50 resorts across 22 islands and six inland sites, plus luxury marinas, golf courses, entertainm­ent and leisure facilities.

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