Red Sea Global (RSG) has secured an SR2 billion ($522 million) financing agreement with Riyad Bank to support its joint venture with Kingdom Holding Company (KHC) for the development of the Four Seasons Resort at The Red Sea destination.
RSG CEO John Pagano stated that the resort, located on Shura Island, will feature 159 guest rooms and is part of the first development phase, which includes 11 hotels, residential units, a golf course, a marina, and a retail and entertainment complex.
Riyad Bank CEO Nadir Al-Koraya said: “RSG has an incredible responsibility to be an enabler of the Kingdom’s Vision 2030, and added to this, it set its own incomparable ambitions to deliver development in a responsible and regenerative way.”
The Red Sea welcomed its first guests in 2023 with two operational hotels. Desert Rock and Shebara are scheduled to open later in the year, while Shura Island is expected to welcome guests in 2025. Upon completion in 2030, the destination will comprise 50 resorts, 8,000 hotel rooms, over 1,000 residential properties, and various leisure facilities.
