Officials from Red Sea Global and Riyad Bank during the signing of the financing deal. Credit: Red Sea Global.

Saudi state-backed developer Red Sea Global (RSG) has closed a SAR2bn ($522m) debt financing agreement with Riyad Bank for the development of a luxury resort.

This financing supports RSG’s joint venture (JV) with Saudi global investment company Kingdom Holding Company (KHC) for the development of the Four Seasons Resort at The Red Sea destination.

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The initial JV was signed in October 2023.

Located on Shura Island, the 159-key Four Seasons Resort at The Red Sea destination is expected to be a premier luxury property.

Shura Island is a key part of the first phase of development, comprising 11 luxury, premium, and lifestyle hotels and resorts, residential units, a championship golf course, a 118-berth marina, and a comprehensive retail, dining, and entertainment complex.

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Last year, The Red Sea Destination welcomed its first guests, with two hotels currently launched.

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Red Sea Global group CEO John Pagano said: “The Kingdom’s tourism potential is truly limitless and with our first two hotels now open, we are at the vanguard of putting Saudi Arabia on the global tourism map.

“This deal signifies the confidence of the private sector in the country, its people and in Red Sea Global. Riyad Bank has been with us since our first debt financing deal in 2021 and we’re honoured to have them partner with us once again.”

The destination, upon full completion by 2030, will feature 50 resorts, providing up to 8,000 hotel rooms and over 1,000 residential properties across 22 islands and six inland sites.

Furthermore, it will offer luxury marinas, golf courses, entertainment, and leisure facilities.

Riyad Bank CEO Nadir Sami Al-Koraya said: “Red Sea Global has an incredible responsibility to be an enabler of the Kingdom’s Vision 2030 and added to this, it set its own incomparable ambitions to deliver development in a way that is responsible and regenerative.”