Red Sea Global secures $533 mn financing deal for luxury hotel on Shura Island

Al-Koraya praised Red Sea Global’s commitment to responsible and regenerative development. Moreover, he cited the successful inauguration of The Red Sea’s first hotels in 2023 as evidence of Red Sea Global’s capability to deliver on its promises.

Tourism development

Since welcoming its first guests in 2023, the Red Sea has steadily progressed towards becoming a premier tourist destination. With two hotels already operational, the Red Sea International Airport has been facilitating regular flights since September 2023. Red Sea Global’s upcoming Desert Rock and Shebara hotels are slated to open their doors later this year, while Shura Island is scheduled to welcome guests by 2025.

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A vision for 2030

Looking ahead, the Red Sea destination aims for substantial expansion and transformation by 2030. Upon full completion, the destination will include 50 resorts, offering up to 8,000 hotel rooms. Moreover, it will include more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, and leisure facilities, solidifying its status as a global tourism hotspot.

The financing agreement between Red Sea Global and Riyad Bank represents a significant milestone in the journey towards realizing Saudi Arabia’s tourism ambitions. With unwavering support from key stakeholders and a clear vision for sustainable development, the destination is poised to captivate travelers worldwide and contribute significantly to the Kingdom’s economic diversification efforts.

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