Saudi Developer Red Sea Global Seals $1.73bln Facility With Riyad Bank

PIF-owned Saudi Arabian developer Red Sea Global (RSG) has secured a 6.5 billion riyal ($1.73 billion) credit facility to finance the development of its luxury tourism destination AMAALA.

Riyad Bank acted as the sole underwriter, with the Saudi Investment Bank (SAIB) and Bank AlBilad serving as mandated lead arrangers. The facility combines conventional and Islamic financing structures and aligns with RSG’s Green Loan Framework.

In February 2024, RSG — formerly known as The Red Sea Development Co — secured SAR 2 billion ($533 million) debt financing from Riyad Bank to support a joint venture with Kingdom Holding Company for the development of the Four Seasons Resort at The Red Sea.

In January 2022, RSG secured financial close on a SAR 14.12 billion ($3.765 billion) term loan and revolving credit facility to fund phase one of the development. 

The transaction marked the first-ever riyal-denominated green finance credit facility, provided by Saudi National Bank, Banque Saudi Fransi, Riyad Bank, and Saudi British Bank.