Red Sea Global (RSG), the Saudi developer behind the flagship regenerative tourism projects The Red Sea and AMAALA, has successfully obtained SAR 6.5 billion ($1.73 billion) in funding to further the development of AMAALA.

The financing package, led by Riyad Bank as the sole underwriter, involves The Saudi Investment Bank (SAIB) and Bank AlBilad as mandated lead arrangers. The facility incorporates both conventional and Islamic financing structures and is aligned with RSG’s Green Loan Framework, the same framework used when the company secured its first green finance deal in 2021 for The Red Sea destination.

“Four years ago, we made history by securing the first-ever Riyal denominated green finance credit facility. Since then, we have built and opened nine hotels at The Red Sea destination as well as supporting infrastructure. Last month we announced the upcoming opening of Shura Island, which will feature 11 hotels, residences, high-end food and beverage and retail experiences. We have demonstrated that we are a developer who delivers and we’re proud that our financing partners recognize this and have faith to once again back our destinations, this time supporting AMAALA, which opens in the coming weeks,” said John Pagano, Group CEO at Red Sea Global.

This marks the third collaboration between RSG and Riyad Bank, following the inaugural green loan in 2021 and a SAR 2 billion debt financing for a joint venture with Kingdom Holding Company to develop the Four Seasons Resort on Shura Island, scheduled to open later this year.

Nadir Al-Koraya, President and Chief Executive Officer of Riyad Bank, said: “Red Sea Global continues to demonstrate exceptional capability in delivering on bold and transformative developments that align with the Kingdom’s Vision 2030 goals. We are proud to once again support them, this time in realizing AMAALA, an ambitious, sustainability-driven destination that will redefine wellness and luxury tourism.”

Gregory Djerejian, Group Head of Investments and Chief Legal Officer at RSG, added: “We are grateful to our partners for their continued trust and support. Their backing not only reflects confidence in our vision, but also reinforces our shared commitment to responsible, future-focused development. Together, we are helping to deliver destinations that set new standards for sustainability, wellness, and economic impact.”

The Green Financing accreditation follows principles established by the International Capital Markets Association (ICMA) and the Loan Market Association (LMA), ensuring that the loan meets international sustainability and governance standards.

Legal counsel for the transaction was provided by Akin, acting as borrower’s counsel through its Riyadh office, and Linklaters’ Riyadh office, which represented the lenders. Both firms guided the process to completion, offering strategic legal advice to facilitate RSG’s latest green financing milestone.

AMAALA, located at Triple Bay, is expected to welcome guests later this year. The development will offer over 1,400 rooms across eight luxury resorts, featuring landmarks such as the Corallium Marine Life Institute, a hub for marine research and education, and the AMAALA Yacht Club, set to become a leading global centre for luxury yachting.