Saudi Arabia

Saudi’s Red Sea project secures $3.8 billion ‘green’ loan for 16 new hotels

Saudi Arabia’s flagship tourism project developer, The Red Sea Development Company (TRSDC), has raised a 14.12 billion-riyal ‘green’ loan from four Saudi banks for 16 new hotels, Chief Executive John Pagano told Reuters on Tuesday.

The project, fully owned by sovereign fund the Public Investment Fund, is key to Saudi Arabia’s Vision 2030, an economic transformation plan aimed at diversifying the economy away from oil.

By the end of next year, three hotels will open and the Red Sea International Airport will begin operating.


Al Arabiya
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