Red Sea Global Secures Over SAR6 Billion in Financing for AMAALA Development

 Red Sea Global (RSG), the developer behind some of the world’s most regenerative tourism destinations, announced in a press release today that it has secured SAR6.5 billion in credit facilities dedicated to the development of AMAALA.
 The release highlighted that the financing is led by Riyad Bank as the sole underwriter, alongside the Saudi Investment Bank and Bank Albilad as mandated lead arrangers. The loan agreement combines both conventional and Islamic financing. It adheres to RSG’s Green Finance Framework, first established when the company secured financing from a consortium of four banks for the Red Sea destination in 2021.
 CEO of RSG John Pagano stated: "Four years ago, we made history by securing the first-ever riyal-denominated green financing facility. Since then, we have built and opened nine hotels at the Red Sea destination along with supporting infrastructure. Just last month, we announced the imminent opening of Shura Island, which will feature 11 hotels, residential units, and high-end dining and retail experiences. We have proven ourselves as a developer that delivers on its promises. We are proud that our financial partners recognize this and have renewed their confidence to support our destinations once again—this time for AMAALA, which is set to open in the coming weeks."
 This project marks the third collaboration between RSG and Riyad Bank, following the inaugural green loan in 2021 and an additional SAR2 billion loan for a joint venture with Kingdom Holding Company to develop the Four Seasons Resort on Shura Island, scheduled to open later this year.
 Riyad Bank CEO Nadir Al-Koraya commented: “Red Sea Global continues to demonstrate exceptional capability in delivering bold, transformative developments aligned with Saudi Vision 2030.”
 According to the release, the green financing complies with the Green Bond Principles issued by the International Capital Market Association (ICMA) and the Green Loan Principles by the Loan Market Association (LMA).
 Akin, an international law firm, advised RSG through its Riyadh office, while Linklaters served as the lenders' legal advisor. Both firms played a key role in ensuring the smooth execution of the transaction by providing pragmatic, commercially focused legal counsel that supported RSG in securing this landmark green financing.
 AMAALA, located in Triple Bay, is set to open this year. The destination will feature over 1,400 hotel keys across eight luxury resorts, positioning itself as an ultra-luxury wellness retreat centered around the concept of rejuvenation. Key highlights include the Coralium Institute for Marine Life, a scientific research and education center, and the AMAALA Yacht Club, which is set to become a global hub for luxury yachting.