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Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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May 22, 2019
Bloomberg News
,(Bloomberg) -- Saudi Arabia is seeking private sector investment to turn an archipelago islands, desert and mountains -- an area about the size of Belgium -- on its Red Sea coast into a global tourism destination.
The oil-rich kingdom’s sovereign wealth fund has committed financing for the project’s first phase, while the Red Sea Development Co. is in talks with banks to raise debt, according to the head of the firm managing the process. The project will cover 90 islands and 28,000 square kilometers (10,810 square miles), according to the company website.
“The funding is backed by the Public Investment Fund -- they’re funding the equity and we will source senior debt,” John Pagano, chief executive officer of Red Sea Development, said in an interview in Riyadh. “While there’s no absolute need for capital, bringing in private sector investors is seen as a good thing. We are actively engaged in discussions with numerous investors.”
The company would seek to structure the investments as joint ventures and expects interest from domestic and regional investors, Pagano said.
Sun-Seekers
Saudi Arabia is transforming its Red Sea coastline as part of plans to transform the economy and cut its reliance on oil. Bringing sun-seekers to the kingdom’s beaches could transform a tourism industry that relies almost solely on Muslim pilgrims. However, past mega-projects to diversify the economy have struggled to get off the ground.
The first phase of the Red Sea project, due to be to be completed in 2022, will include 14 hotels and a commercial airport. The development is expected to be fully completed by 2030.
Pagano also said:
To contact the reporter on this story: Sarah Algethami in Riyadh at salgethami@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Vernon Wessels, Shaji Mathew
©2019 Bloomberg L.P.