Saudi ultra-luxury project may raise up to $2.7 billion in 2022

saudi project luxury ultra riyals
Saudi Arabia

Saudi ultra-luxury project may raise up to $2.7 billion in 2022

Published 18 May,2021 via Bloomberg Markets - Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) next year as the kingdom presses on with Crown Prince Mohammed bin Salman’s program to diversify the economy.

Amaala, on the northwestern coast of Saudi Arabia, won’t tap markets until next year, Chief Executive Officer John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.

The numbers haven’t yet been finalized, with the amount of debt likely to be in the “range” of 5-10 billion, he said. The company has awarded more than 3 billion riyals in contracts.

Check the history on the topic
Vote to feature