THE firm developing luxury tourism projects along Saudi Arabia’s Red Sea coast says it’s raised enough money to complete the hotels it’s constructing, even as the kingdom weighs spending more on new high-priority sectors.
Red Sea Global – which is owned by Saudi Arabia’s Public Investment Fund (PIF) and currently building 17 hotels – is covered for funds because it has raised a 6.5 billion riyal (US$1bil) credit facility from three local institutions, chief executive officer (CEO) John Pagano says.
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