Saudi Arabia Will Prop Up Red Sea Tourism With $2.7 Billion in Financing
Photo Credit: Amaala and the Red Sea project company are owned by the Public Investment Fund, Saudi Arabia's main sovereign investor. Unsplash / Francesco Ungaro
Skift Take
Despite the pandemic, the kingdom's not slowing down its tourism push, with the financing set aside to open nine hotels as early as 2024.
Saudi Arabia plans to raise up to $2.67 billion next year for Amaala, one of its tourism projects on its Red Sea coast, the CEO of The Red Sea Development Company (TRSDC) and Amaala said.
Amaala is a resort being built on Saudi Arabia's north west coast along with the Red Sea project, which are part of the country's efforts to diversify its economy by boosting new sectors such as tourism. Both are green projects, using renewable energy.
The planned "green" financing for the Amaala project would follow a la
