Red Sea Global plans to raise SAR 14B for 2nd phase funding

Gregory Djerejian, Group Head of Investments and Legal at RSG

Red Sea Global (RSG) plans to raise SAR 14 billion ($3.7 billion) next year, Gregory Djerejian, Group Head of Investments and Legal at RSG, told Bloomberg.

The new funding, Djerejian explained, will support the launch of construction work for the project’s second phase.

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He went on to say that RSG aims to open six hotels by the end of this year, with an additional 20 hotels planned for 2025.

In April 2021, RSG announced the completion of a SAR 14.12 billion term loan and revolving credit facility with four Saudi banks, according to available data from Argaam.