Saudi Arabia's Red Sea Development Seeks to Raise $3.5 Billion - Bloomberg:
The firm that’s transforming an archipelago, desert and mountains -- an area about the size of Belgium -- on Saudi Arabia’s Red Sea coast into a global tourism destination is talking to banks to raise $3.5 billion, according to people with knowledge of the matter.
The Red Sea Development Co. started discussions with local lenders for a 13 billion-riyal loan in what would be its first borrowing, the people said, asking not to be identified because the matter is private. The loan may have a 15-year tenor and is likely to be backed by the kingdom’s sovereign wealth fund, the Public Investment Fund, some of the people said.
The terms of the financing may change and the company hopes to complete a deal by the end of the year, the people said.
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