Saudi Arabia in 2022 is set to rise up to 10 billion riyals for Amaala

Published on : Wednesday, September 22, 2021

The CEO of The Red Sea Development Company (TRSDC) and Amaala said that Saudi Arabia in 2022 is set to rise up to 10 billion riyals ($2.67 billion) for Amaala, – one of its tourism projects on its Red Sea coast.

Amaala is a resort built on the North West coast of Saudi Arabia along the Red Sea project, which are part of the initiations of the country to branch out its economy and boost new sectors like tourism. Both are green projects, using renewable energy.

The planned “green” financing for the Amaala project would follow a larger loan raised in 2021 for the Red Sea Project.
“We will come to the market probably sometime next year with a financing for Amaala specifically related to the first phase of the project,” CEO John Pagano told Reuters on Tuesday.

He mentioned that the loan will probably be between 5 and 10 billion riyals and follows the 14 billion riyals TRSDC raised earlier this year. “My sense is its likely going to be on the lower end of that scale”, he said.

Four Saudi banks financed the Red Sea project loan to sponsor 16 new hotels. In the first phase of the project, the Amaala financing will be for nine hotels, Pagano said, adding the plan is to open those facilities in 2024.

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