Red Sea Global (RSG), the developer behind regenerative tourism destinations AMAALA and The Red Sea, has secured a SAR 6.5 billion (USD 1.73 billion) credit facility to accelerate the development of AMAALA, a landmark in sustainable architecture and infrastructure.
Led by Riyad Bank as sole underwriter, with The Saudi Investment Bank (SAIB) and Bank AlBilad as mandated lead arrangers, the facility adheres to RSG’s Green Loan Framework, supporting environmentally responsible construction and low-impact design.
“Four years ago, we made history by securing the first-ever Riyal denominated green finance credit facility. Since then, we have built and opened nine hotels at The Red Sea destination as well as supporting infrastructure. Last month we announced the upcoming opening of Shura Island, which will feature 11 hotels, residences, high-end food and beverage and retail experiences. We have demonstrated that we are a developer who delivers and we’re proud that our financing partners recognize this and have faith to once again back our destinations, this time supporting AMAALA, which opens in the coming weeks,” said John Pagano, Group CEO at RSG.
This marks the third partnership between RSG and Riyad Bank, following the 2021 green loan facility and a separate SAR 2 billion debt financing for a joint venture with Kingdom Holding Company for the Four Seasons Resort on Shura Island, opening later this year.
Nadir Al-Koraya, President and Chief Executive Officer of Riyad Bank, said: “Red Sea Global continues to demonstrate exceptional capability in delivering on bold and transformative developments that align with the Kingdom’s Vision 2030 goals. We are proud to once again support them, this time in realizing AMAALA, an ambitious, sustainability-driven destination that will redefine wellness and luxury tourism.”
Gregory Djerejian, Group Head of Investments and Chief Legal Officer at RSG, added: “We are grateful to our partners for their continued trust and support. Their backing not only reflects confidence in our vision, but also reinforces our shared commitment to responsible, future-focused development. Together, we are helping to deliver destinations that set new standards for sustainability, wellness, and economic impact.”
The Green Financing accreditation follows the Green Bond Principles and Green Loan Principles established by the International Capital Markets Association (ICMA) and the Loan Market Association (LMA), ensuring that funds are directed toward environmentally responsible construction, renewable energy integration, and regenerative infrastructure.
Advising on the transaction were international law firms Akin, acting as borrower’s counsel, and Linklaters, acting as lenders’ counsel, both through their Riyadh offices. Their roles were pivotal in facilitating the smooth execution of this landmark sustainable finance agreement.
Set within Triple Bay, AMAALA is designed as an ultra-luxury wellness destination rooted in regenerative principles. The project features more than 1,400 hotel rooms across eight resorts, anchored by the Corallium Marine Life Institute, a center for education and marine research, and the AMAALA Yacht Club, which will serve as an architectural icon and international hub for luxury yachting.
