The Red Sea Project
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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

Saudi Arabia's The Red Sea Development Company (TRSDC) has awarded a contract to Red Sea International Company (RSI) to build modular buildings. The contract covers design, manufacture, supply and installation of modular buildings to support TRSDC's luxury hotel construction activities on Red Sea Project's Sheybarah/Ummahat Al Shaikh islands in the Western Region, an announcement on Saudi Exchange said.

The contract is valued at SR60.549 million ($16.14 million), to be executed in 194 days.

These facilities consist of various types of modular units which can be used as accommodations or offices. These units will be fully furnished to provide all the requirements for the crew working on the construction of these ambitious projects.

Source: http://www.tradearabia.com/news/CONS_392026.html

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Construction progress of the international airport project for January 2022:









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Egypt's Sharm El Sheikh with all its dated and badly-managed resorts is going to be toast once both The Red Sea Project and NEOM will go live. There'll be a luxurious Red Sea holiday waiting in the East and an 80s backpacker nightmare in the West. Every qualified Egyptian working in Sinai will want to move to the Saudi coast, as well.

The SAR14.120 billion (US$3.7 billion) loan for the Red Sea Project’s first tranche of hotels has financially closed. This means that the capital structure is now fully in place and developers can use the money for the hotels’ construction.

Therefore, the facilities are now in place to fund 16 hotels all set to open by 2023. Fourteen of them will be on islands within an archipelago, while another two in the mainland, one in the desert and one in the mountains.

So far, the known hotels include EDITION Hotels and St Regis from Marriott International. Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences from Accor, a Grand Hyatt, Intercontinental and Six Senses from IHG Hotels & Resorts and a Jumeirah property.

The upcoming Six Senses Hotel at the Red Sea Project:

The colossal loan is a landmark moment for both the financial sector and the hotel sector as it marks the first Riyal-denominated Green Finance credit facility. Four banks were involved in the loan, those being banks are Banque Saudi Fransi, Riyad Bank, and Saudi British Bank, with Saudi National Bank acting as mandated lead arrangers.

Source: https://www.hoteliermiddleeast.com/news/red-sea-project-green-loan-hotels-2030

Construction progress at The Red Sea's Southern Dunes Resort:







Screenshots taken from a short video posted by The Red Sea Development Company on Twitter: https://t.co/9k42M5LSOl

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