The Red Sea Project
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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

https://www.linkedin.com/posts/almabani-general-contractors_breakingnewground-theredsea-almabani-activity-6880774902895390720-_qUZ

Quick update: Saudi ACWA secures $1.33bn to power The Red Sea Project

Saudi-listed ACWA Power closed $1.33 billion financing for its renewable project to power The Red Sea Development Co., known as TRSDC, according to a filing.

The debt facility closure was arranged by a consortium including Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

The utility developer was awarded the contract to drive and operate the renewable power-based multi-utilities infrastructure to serve The Red Sea Project, or TRSP, back in November.

TRSDC, fully owned by the Public Investment Fund of Saudi Arabia, will be developing the world's largest sustainable tourism destination that will run on 100 percent renewable energy.

Source: https://www.arabnews.com/node/1990666/business-economy

Time-lapse video of construction progress at Southern Dunes Resort at The Red Sea

In Dubai visiting our partner Grankraft and loving the progress they're making on our amazing Sheybarah Island overwater villas - designed by Killa Design who were present. The villas' polished steel will reflect the water, sky and reef below.

https://www.linkedin.com/posts/john-pagano_in-dubai-visiting-our-partner-grankraft-and-activity-6870728249769553920-Eu2K/

With a lot of the developement work going out into the sea there has been an agreement to catalogue and preserve the shipwrecks and other archeological finds that are disturbed and have them on display in museums and as part of the overall Red Sea Project for visitors.

The Red Sea Development Company (TRSDC), established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that aims to set new standards in sustainable development and position the Kingdom of Saudi Arabia (KSA) on the global tourism map, has partnered with the Ministry of Culture, to unite efforts in the fields of archaeology, heritage, history and sustainable tourism along Saudi Arabia’s Red Sea coast.

All artefacts will be preserved, catalogued, and stored in the Red Sea Museum in Jeddah, while some pieces will be displayed for visitors of The Red Sea Project. “The hull, which has calcified into something akin to petrified wood, and the approximately 4,000 highly decorated earthenware jars of various colours, shapes and designs, which has also calcified into a solid mass, will be left in place for divers to see.

“This will provide one of the most unique diving destinations anywhere in the world in less than 25 metres of calm, clear water,” Pagano said. The partnership also enables a full seabed survey to be delivered, stretching from Jeddah, upwards along the coastlines of The Red Sea Project and AMAALA, one of the potential extra-luxurious tourism destination megaprojects conceived by Saudi Vision 2030.

Source: https://www.gulftoday.ae/culture/2021/11/28/trsdc-in-ksas-first-underwater-excavation-on-red-sea-coast

https://www.linkedin.com/posts/almabani-general-contractors_breakingnewground-theredsea-almabani-activity-6869182243638657024-KKl7

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has announced the signing of nine hotel management agreements with international hotel brands to operate resorts in the first phase of development at The Red Sea Project.

The agreements were unveiled on Day 2 of the Future Investment Initiative (FII) 2021, with the collection of hospitality brands set to operate nine of the 16 properties currently under development in the first phase and collectively feature more than 1,700 hotel keys of the total 3000 planned for Phase One.

These include EDITION Hotels and St Regis Hotels & Resorts, part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences, part of global hospitality group Accor; Grand Hyatt, part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, part of IHG Hotels & Resorts; and Jumeirah Hotels & Resorts, a global luxury hospitality company.

Each brand at The Red Sea Project has embraced the vision of the project and have agreed to work together to collaborate in making the destination a success. The partners have welcomed the industry-pioneering sustainability standards of TRSDC and the broader commitment towards regenerative tourism development.

?“Hospitality is the anchor of The Red Sea Project. We are determined to create a world-class luxury destination and the hotel brands we partner with play a crucial role in delivering on this ambition. Our partnerships are cemented through a collaborative framework that emphasize synchronicity between all brands. In doing so, we aim to create more value and maximize destination success, empowering stakeholders to benefit from shared best practices and economies of scale,” said Jay Rosen, Chief Financial Officer at TRSDC.

“The hotel management agreements unveiled today mark a significant milestone for us and we welcome more hotel operators, developers and investors to join us in our journey to build a thriving destination for visitors from around the world.”

The Red Sea Project’s first phase of development is on track for completion by the end of 2023, with a total of 16 hotels set to offer 3,000 hotel rooms across five islands and two inland sites. TRSDC expects to announce additional international hotel brand partnerships in the coming months.

https://www.theredsea.sa/en/media-center/news/trsdc-unveils-hospitality-portfolio-of-globally-renowned-luxury-brands-for-flagship-project