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.