Red Sea Global achieves commercial close for Almutlaq JV financing

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The Red Sea Global (RSG), the developer of The Red Sea and Amaala tourism destinations, achieved a commercial close for the joint venture (JV)agreement with Almutlaq Real Estate Investment Co. (AREIC), a subsidiaryof Almutlaq Group, according to a RSG statement. 

The secured green financing of SAR 1.081 billion, or $288 million, from Gulf International Bank Saudi Arabia (GIB), the developer said in a statement. 

The initial joint venture agreement with AREIC was inked in July 2022 at a total value of SAR 1.6 billion to develop a 159-key luxury Jumeirah The Red Sea resort on The Red Sea’s hub island, Shura. 

Shura Island forms part of the first phase of The Red Sea development and will comprise 11 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, 118 berth marina, and a retail, dining, and entertainment offering.