The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites
The Red Sea Development Company (TRSDC) has confirmed that it has raised 3.8 billion dollars in fresh funding for its flagship project. The massive loan has been significiantly been financed by four leading Saudi banks.
The Saudi banks Banque Saudi Fransi, Riyad Bank and Saudi British Bank, with Saudi National Bank have also acted as mandate lead arrangers for this project.
With the project having many achievements in 2022, it is on track to welcome its first guess by late 2022, when its firs hotels open up. And it is on track to complete phase one, which will consists of 16 hotels by next year.
Upon the project's completion in 2030, the Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites.The destination will also include an international airport, luxury marinas, golf courses, entertainment and leisure facilities.