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Saudi Arabia's The Red Sea Development Company (TRSDC)announced on Thursday that it has achieved financial close on its 14.120 billion Saudi riyal ($3.76 billion) term loan facility and revolving credit facility with four leading Saudi banks.
The banks are Banque Saudi Fransi, Riyad Bank, and Saudi British Bank, with Saudi National Bank acting as Mandated Lead Arrangers, the developer of mega luxury The Red Sea Project said in a statement posted on its website.
The statement said the facilities would be used to fund the development of Phase 1 of The Red Sea Project (TRSP).
The statement said the financing, announced in April 2021, is the first Saudi riyal-denominated credit facility to receive Green Financing accreditation. The Red Sea Project is the first major project in the Kingdom to access the capital markets successfully, it added.
It said that phase one, which includes 16 hotels, will complete in 2023.
Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites, an international airport, luxury marinas, golf courses, entertainment, and leisure facilities, according to past TRSDC press statements.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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