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Saudi Tourism Megaproject Near to Closing $3.7 Billion Loan

  • Red Sea Development Co. has sought financing since last year
  • Plans to award 15 billion riyals of contracts by year-end: CEO
An advertisement for the Saudi Arabian tourist board. 

An advertisement for the Saudi Arabian tourist board. 

Photographer: Christopher Pike/Bloomberg

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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.