The Red Sea Real Estate Company I

The Red Sea Development Project - Financing

Industry
Infrastructure/Infrastructure (other)
Area of finance
Project & Infrastructure Finance
Region
Middle East
Countries
Saudi Arabia

Deal Overview

The Red Sea Development Company (TRSDC) closed a SAR 14.120billion ($3.76 billion) term loan and revolving credit facility with 4 Saudi banks on its Red Sea tourism megaproject. The Red Sea Project is set to welcome its first guests by the end of 2022, when the international airport and the...

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The Red Sea Development Company (TRSDC) closed a SAR 14.120billion ($3.76 billion) term loan and revolving credit facility with 4 Saudi banks on its Red Sea tourism megaproject. 

The Red Sea Project is set to welcome its first guests by the end of 2022, when the international airport and the first hotels will open. Phase one, which includes 16 hotels in total, will complete in 2023.

Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment and leisure facilities.

The financing qualified as the country’s first green finance credit facility – securing its status as a green project.


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Deal Volume
$ 3.76bn
Financial Close
03 May 2021
Sources
Submitted by participant(s), Press release, Press release

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Tranches


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Projects

Red Sea Project (Phase 1)

Greenfield
Infrastructure (other)
Middle East
Saudi Arabia
$ 7.99bn