TRSDC’s Coral Bloom project estimated to cost SAR 14 bln: CEO

The Red Sea Development Co. CEO John Pagano

The estimated cost of the Coral Bloom development, part of the luxury Red Sea megaproject, is between SAR 12 and SAR 14 billion, Al Arabiya TV reported, citing The Red Sea Development Co.’s (TRSDC) chief executive officer John Pagano.

The company is about to close the financing of about SAR 14 billion with five Saudi banks, he added.

The project is a huge investment and will secure the appropriate returns equivalent to the investment risks, the CEO said.

TRSDC is supported by the Public Investment Fund (PIF), the main shareholder, which contributes the largest financing percentage.

Pagano expected to open the Coral Bloom project by 2023-end.

Saudi Arabia’s Crown Prince Mohammed bin Salman launched on Feb. 10, the nature-inspired Coral Bloom designs for the 11 unique resorts on the Red Sea project’s hub island, according to data compiled by Argaam.

Upon completion in 2030, the mega project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, and leisure facilities.