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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By Vivian Nereim

November 1, 2020 at 9:37 AM UTC

This article is for subscribers only.

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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.