Kingdom Holding Co. (KHC) has entered into a binding agreement with Red Sea Global (RSG) to set up a joint venture (JV) that will develop a $533.3 million tourist resort.
The project will include establishing a JV, 50% of which shall be owned by a special purpose vehicle (SPV) – currently under formation – wholly owned by KHC, with the remaining 50% owned by an SPV owned by RSG.
The project will be allocated an estimated budget of £533 million, with each of KHC and Red Sea Global Company investing approximately $69 million, respectively, as funding commitments via the SPVs established by each party. The remaining capital commitment will be financed by debt provided to the JV.
To be located on Shura Island on the west coast of Saudi Arabia
To be located on Shura Island on the west coast of Saudi Arabia, the project will be operated by the Four Seasons Hotels and Resorts Group, which is partly owned by KHC.
Saudi billionaire Prince Alwaleed Bin Talal has a 78.13% stake in Kingdom Holding while The Public Investment Fund (PIF) holds a 16.87% stake.
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