The Red Sea Development Company (TRSDC) announced the financial close for a SAR 14.120 billion (US$ 3.76 billion) term loan facility and revolving credit facility. Four Saudi banks, Banque Saudi Fransi, Riyad Bank, Saudi British Bank, and Saudi National Bank, acted as Mandated Lead Arrangers, while HSBC served as Green Loan Coordinator on the transaction.

TRSDC is the developer for the Red Sea Project, which involves the construction of 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The first phase of the development is expected to be completed in 2023. It includes 16 luxury hotels offering 3,000 rooms on five islands and two inland locations.