Saudi Arabia's Red Sea project seeks loan in excess of 10 billion riyals: CEO - Reuters:
Red Sea Development Co, which is backed by Saudi Arabia’s sovereign fund PIF, is seeking a loan of more than 10 billion riyals ($2.67 billion) from four to five local banks to finance tourism projects, its chief executive John Pagano said.
Saudi Arabia plans to develop resorts on 50 islands off the Red Sea coast, offering a nature reserve, coral reef diving and heritage sites.
In an interview with Reuters on Tuesday, Pagano said the loan, which was the subject of discussions with capital markets, would fund the development of the business along with equity provided by PIF.
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