Saudi Arabia's Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and Amaala, said it has completed a 2 billion riyals ($533 million) financing agreement with Riyad Bank.

The financing supports RSG’s joint venture (JV) with Kingdom Holding Company (KHC), for the development of the Four Seasons Resort at The Red Sea destination. The initial JV was signed in October 2023.

The project, to be located on Shura Island on the west coast of Saudi Arabia, will be operated by Four Seasons Hotels and Resorts Group which is partly owned by KHC.

Saudi billionaire Prince Alwaleed Bin Talal has a 78.13% stake in Kingdom Holding and the Public Investment Fund (PIF) holds a 16.87% stake.

(Writing by Brinda Darasha; editing by Seban Scaria)