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Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, has achieved commercial close on a financing agreement to support its Joint Venture (JV) with Almutlaq Real Estate Investment Co. (AREIC), a subsidiary of the Al Mutlaq Group (AMG). The SAR 1.081 billion (USD 288 million) green financing was provided by Gulf International Bank Saudi Arabia (GIB). The initial joint venture with AREIC was signed in July 2022 and valued at SAR 1.6 billion, for the development of Jumeirah The Red Sea. The resort is a 159-key luxury property situated on The Red Sea destination’s hub island, Shura. Shura Island forms part of the first phase of development, and will comprise 11 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, 118 berth marina, and a comprehensive retail, dining, and entertainment offering. Tariq Almutlaq, Chairman of AREIC, said: “We’re delighted to achieve commercial close on our joint venture so soon after signing the agreement and it is testament to Red Sea Global’s best-in-class management team that it has been able to happen. Already progress is being made at pace to bring the destination to life and we are excited to continue helping Red Sea Global achieve its vision.” Abdulaziz Al-Helaissi, CEO of GIB, said: “Red Sea Global has made an ambitious commitment to being conservation-positive, supported by its partnership with King Abdullah University of Science and Technology. GIB is proud to enable this activity through the provision of green finance, and we look forward to seeing the positive impacts generated on sustainable development goals.”   GIB is the fifth Saudi bank to support RSG in the …

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