Saudi Arabia’s Red Sea tourism project secures $3.76bn in green financing

Saudi Arabia’s Red Sea tourism project secures $3.76bn in green financing

The Red Sea Development Company (TRSDC) secured 14.12 billion Saudi riyals ($3.76bn) in funding through the first locally-denominated Green Financing credit facility.

The developer raised the capital through term loan and revolving credit facilities from four banks in Saudi Arabia to fund construction of the multibillion-dollar tourism project on the west coast of the kingdom, it said in a statement on Tuesday.

Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank were part of the financing deal.

“This is another milestone for the Red Sea Project and Vision 2030,” Jay Rosen, chief financial officer at TRSDC, said. “This financing adds another