27 April 2021: A new high-end tourism development, Saudi Red Sea Project (SRSP), is set to take shape following a 15-year term Green Loan and revolving credit facility (14.12 Billion Saudi Riyal = 3.77 Billion USD) signed by the Project Developer, The Red Sea Development Company (TRSDC), with four Saudi Banks led by Banque Saudi Fransi.
Commenting on the Project’s financing deal, BSF MD&CEO (Mr. Rayan Fayez) declared: “It’s a Green Finance, which is the first of its kind in a Saudi Riyal – denominated loan facility. It helps the participating banks including Banque Saudi Fransi contribute to supporting a key sector in the Kingdom’s Vision 2030, i.e Tourism and Leisure.”
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. The Kingdom wants tourism to contribute 10% of GDP by 2030.
On this occasion, TRSDC’s CEO (John Pagano) announced: “Our Company works on designing the island and building the necessary infrastructure to begin developing the Project that consists of building a unique tourist destination comprised of 16 new hotels. SRSP will be powered by renewable energy, and will include an airport and housing as well as businesses, shops and leisure facilities.”
The Loan finances the Project’s First Phase, with the 16 hotels due to be ready by the end of 2023, 14 of them on Islands in an archipelago and two mainland hotels – one in the desert and one in the mountains.
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