Expanding tourism is a key focus of Crown Prince Mohammed bin Salman’s plan to transform the kingdom’s economy.
SAUDI Arabia’s Red Sea Development Co. plans to close on a 14-billion riyal ($3.7 billion) loan from five domestic banks by the end of the year as it steps up construction on a luxury tourism project about the size of Belgium, its chief executive said.
The developer has been seeking financing since last year for the project, which stretches across dozens of islands off the kingdom’s west coast. Chief executive officer John Pagano didn’t say which banks would be providing the loans.
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