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 that it has secured SAR6.5 billion in credit facilities to advance the development of AMAALA, one of Saudi Arabia’s flagship luxury destinations.
The financing arrangement is led by Riyad Bank as the sole underwriter, with The Saudi Investment Bank and Bank Albilad serving as mandated lead arrangers.
The loan combines both conventional and Islamic financing structures and aligns with RSG’s Green Finance Framework, originally established in 2021 when RSG obtained green financing for The Red Sea destination from a consortium of four banks.
RSG CEO John Pagano expressed pride in the company’s continued success, stating:
“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 the supporting infrastructure. Just last month, we announced the imminent opening of Shura Island, featuring 11 hotels, residential units, and premium dining and retail experiences. We are proud that our financial partners recognize our ability to deliver and have renewed their confidence to support AMAALA, which is set to open in the coming weeks.”
This latest agreement marks the third collaboration between RSG and Riyad Bank, following the 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 praised RSG’s achievements, noting:
“Red Sea Global continues to demonstrate exceptional capability in delivering bold, transformative developments aligned with Saudi Vision 2030.”
According to the company, the financing complies with the Green Bond Principles issued by the International Capital Market Association (ICMA) and the Green Loan Principles set by the Loan Market Association (LMA).
Moreover, legal advisory support was provided by Akin (representing RSG) and Linklaters (representing the lenders), ensuring smooth execution through commercially focused counsel.
AMAALA: New Benchmark in Regenerative Luxury
Located in Triple Bay, AMAALA is set to open later this year. The ultra-luxury wellness destination will feature over 1,400 hotel keys across eight resorts and focus on rejuvenation and holistic wellbeing.
Signature elements include the Coralium Institute for Marine Life, a center for marine research and education, and the AMAALA Yacht Club, envisioned as a global hub for high-end yachting.
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