Red Sea Development Company attains financial close of USD3....| MENAFN.COM

Tuesday, 24 May 2022 02:25 GMT

Red Sea Development Company attains financial close of USD3.76B loan


(MENAFN) The Red Sea Development Company (TRSDC), the company responsible for the most magnificent profitable tourism scheme in the world, has accomplished financial close on its SR14.120 billion (USD3.76 billion) term loan service and revolving credit service with four top Saudi banks.

The banks are Banque Saudi Fransi, Riyad Bank, as well as Saudi British Bank, with Saudi National Bank operating as authorized lead directors.

According to John Pagano, Chief Executive Officer, The Red Sea Development Company statement, “this year, we have proceeded at pace with the delivery of our flagship project, all the while mindful of our commitment to not only reduce our impact on the environment but actively deliver a 30 percent net conservation benefit by 2040.”

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