Red Sea Global secures SAR 6.5 bn financing for next phase of AMAALA development

Red Sea Global (RSG) has secured SAR 6.5 billion ($1.73 billion) in financing from a consortium of Saudi banks to advance the next phase of construction at AMAALA, the luxury wellness tourism destination on the kingdom’s Red Sea coast.

The facility, arranged under a mix of conventional and Islamic financing, was led by Riyad Bank as sole underwriter, with The Saudi Investment Bank (SAIB) and Bank AlBilad acting as mandated lead arrangers. The structure follows RSG’s Green Loan Framework, which aligns with global sustainability-linked lending standards.

The financing marks the latest collaboration between RSG and Riyad Bank, which also supported the company’s earlier SAR 2 billion facility for a joint venture to develop the Four Seasons Resort on Shura Island.

The deal was advised by Akin (borrower counsel) and Linklaters (lenders counsel), which structured the package under internationally recognised Green Bond and Green Loan Principles.

The transaction adds to a growing pipeline of green financing in Saudi Arabia as the country positions sustainable tourism as a key pillar of economic diversification.