Saudi Tourism Megaproject Near to Closing $3.7 Billion Loan

Saudi Tourism Megaproject Near to Closing $3.7 Billion Loan

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Photographer: Christopher Pike/Bloomberg

Photographer: Christopher Pike/Bloomberg

Follow us @middleeast for more news on the region.Saudi Arabia's Red Sea Development Co. plans to close on a 14-billion riyal ($3.7 billion) loan from five domestic banks by the end of the year as it steps up construction on a luxury tourism project about the size of Belgium, its chief executive said.

The developer has been seeking financing since last year for the project, which stretches across dozens of islands off the kingdom's west coast. Chief executive officer John Pagano didn't say which banks would be providing the loans.

So far the company has awarded 7 billion riyals of contracts and plans to award a total of 15 billion riyals by the end of the year, Pagano said in an