Akin Advises Red Sea Global on SAR 6.5 Billion Green Financing for AMAALA, a Vision 2030 Tourism Giga Project

(Riyadh) — Akin has advised Red Sea Global (RSG), a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, on the closing of a SAR 6.5 billion (USD 1.73 billion) green financing for AMAALA, a luxury wellness destination on the Red Sea coast and a key component of the Kingdom’s Vision 2030 tourism strategy. 

The financing, arranged for The Red Sea Coastal 3 Company, will support the development of eight high-end hotels and resorts, a luxury retail village, and a dedicated wellness hub. AMAALA is located in northwestern Saudi Arabia, and is designed to operate entirely on renewable energy, with a strong emphasis on environmental preservation and sustainable development.

The financing structure features both Islamic and conventional debt, with participation from leading regional lenders.

“We are extremely proud to have supported RSG on this milestone financing for AMAALA. It’s a privilege to be involved in a project of such scale and ambition, one that plays a central role in Saudi Arabia’s tourism strategy and Vision 2030,” said Alexander Malahias, partner in charge of Akin’s Riyadh office. “With our new office in Riyadh and a dedicated finance team now based in the Kingdom, we look forward to continuing to work closely with our clients on those transactions that are helping shape the future of the region.”

The Akin team was led by partners Alexander Malahias and Jennifer Riddle and included associate Maaz Shahzad.

For further information on the transaction, please click here.

Akin is an international law firm with more than 900 lawyers across offices in the United States, Europe, Asia, and the Middle East.

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