Riyadh – Sharikat Mubasher: Red Sea Global (RSG), the developer of Saudi Arabia’s flagship tourism projects AMAALA and The Red Sea, announced raising a SAR 6.5 billion ($1.73 billion) green credit facility to support the development of AMAALA.

As per an official press release, the financing is led by Riyad Bank as sole underwriter, with The Saudi Investment Bank and Bank AlBilad serving as mandated lead arrangers.

Structured under RSG’s Green Loan Framework, the facility combines conventional and Islamic financing and follows the model established in 2021 for The Red Sea destination’s private green funding.

John Pagano, RSG Group CEO, said the new agreement reflects the company’s strong delivery record, highlighting progress at The Red Sea destination and the upcoming opening of AMAALA’s first phase at Triple Bay.

This marks the third collaboration between RSG and Riyad Bank, following the Kingdom’s first Riyal-denominated green loan in 2021 and a SAR 2 billion financing for the Four Seasons Resort on Shura Island. Riyad Bank CEO Nadir Al-Koraya praised RSG’s role in advancing Vision 2030 through sustainable and transformative tourism projects.

Set to open later this year, AMAALA will feature over 1,400 hotel rooms across eight resorts, alongside landmarks such as the Corallium Marine Life Institute and the AMAALA Yacht Club — envisioned as a global hub for luxury yachting.