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Saudi Arabia seeks to raise $3.5bn loan for Red Sea

Saudi Arabia seeks to raise $3.5bn loan for Red Sea

The Red Sea Project will turn virgin coastlines into one of Saudi Arabia's greatest tourism ventures

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The Red Sea Development Co. has begun discourses with local moneylenders for a 13 billion-riyal. ( $3.5bn ) The terms of the financing may change and the company hopes to complete a deal by the end of the year, authorities commented.

“We are in active discussions with a number of banks to provide debt financing and are encouraged by the overwhelmingly positive response we have received" chairperson of finance at the Red Sea Development Co., Jay Rosen, stated in response to questions of media.

The primary stage of the Red Sea project is expected to be completed by 2022.

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