Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, announced in a statement that it has achieved commercial close on a financing agreement to support its Joint Venture (JV) with Almutlaq Real Estate Investment Co. (AREIC), a subsidiary of the Al Mutlaq Group (AMG).

The SAR 1.081 billion (USD 288 million) green financing was provided by Gulf International Bank Saudi Arabia (GIB).

The initial joint venture with AREIC was signed in July 2022 and valued at SAR 1.6 billion, for the development of Jumeirah The Red Sea.

The resort is a 159-key luxury property situated on The Red Sea destination’s hub island, Shura. Shura Island forms part of the first phase of development, and will comprise 11 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, 118 berth marina, and a comprehensive retail, dining, and entertainment offering.

GIB is the fifth Saudi bank to support RSG in the debt capital markets, following Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank’s involvement with RSG’s green loan closed in 2022. Red Sea Global achieved financial close on the first-ever Riyal denominated Green Financing with its SAR 14.120 billion (USD 3.76 billion) facility.

The Red Sea is on track to welcome first guests in 2023 when the initial hotels will open. Upon full completion in 2030, The Red Sea 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, statement mentioned.