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The developer TRSDC announced on 19th of January 2022 that the financial closed on USD 3.76 billion term loan facility and now they have a credit facility with 4 main Saudi banks (Banque Saudi Fransi, Riyad Bank, Saudi British Bank, Saudi National Bank).

CEO of TRSDC John Pagano said that they are focusing on execution and delivery of the project to be able to welcome first guests at the end of this year.

TRSDC’s Green Financing recently was granted by GFC Media Group with an award for Project Finance Deal of Year in the Capital markets Saudi Arabia Awards. It is in recognition of the year’s most innovative and ground-breaking deals from Sovereign, Corporate and Financial Institution issuers and borrowers.

The Green Financing accreditation was awarded because of company’s market leading approach to social and environmental sustainability and TRSP international recognition as a green project.

Jay Rosen, Group CFO said, that by achieving Financial Close for their first phase the project gains extra credibility in the market and becomes more attractive to investors.

Source: https://www.theredsea.sa/en/media-center/news/the-red-sea-development-company-financially-closes-on-sar-14-120-billion-loan

One of the projects in the Heart of Europe is Floating Seahorse Villa. The first phase contains 78 houses and was launched in 2020. There will be 131 villas in total.

These luxurious houseboats have 3 levels. Two bedrooms are located on the lowest level and allow you to experience unique feeling of going to sleep and waking up observing underwater creatures.



On the second level there are panoramic windows, kitchen and dining areas, as well as open common area. The glass doors can be totally opened and living room can be expanded and become open air.



The main dining area is located on the third floor. There is also glass-bottomed jacuzzi, mini bar and lounge area.



Source https://www.ifitshipitshere.com/floating-seahorse-villas/