TRSDC closes SAR 14 bln loan with 4 local banks

Logo of The Red Sea Development Co.

The Red Sea Development Co. (TRSDC) announced the financial closure of its loan worth SAR 14.12 billion ($3.76 billion) with four Saudi banks.

The banks are Banque Saudi Fransi (BSF), Riyad Bank, Saudi British Bank (SABB), and Saudi National Bank (SNB).

The loan will secure the banking facilities and capital obligations needed for the first phase of the project.

The financial closure is the first credit facility denominated in Saudi riyal to be granted under the green financing framework for the first phase of the project.

According to data compiled by Argaam, the Red Sea project, when completed in 2030, will consist of 50 hotels, providing up to 8,000 hotel rooms and about 1,000 residential properties, spread over 22 islands and six internal sites.

The destination will also include luxury marinas, golf courses, and many leisure and recreation facilities.