Saudi ultra-luxury project may raise up to $2.7 billion in 2022
- Date: 19-May-2021
- Source: Salaam Gateway
- Sector:Real Estate
- Country: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.
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