“Kingdom Holding”: The start of operation of the “Four Seasons Resort at the Red Sea” on Shura Island
Company announced "Kingdom Holding"Today, Wednesday, the resort starts operating "Four Seasons Red Sea" On Shura Island and began receiving guests.
On October 24, 2023, Kingdom Holding Company announced the conclusion of a binding agreement with… "Red Sea International" Regarding a joint project to develop a tourist complex operated by the Four Seasons Hotels and Resorts group on Shura Island, located on the western coast of the Kingdom of Saudi Arabia.
The agreement included the establishment of a project company, 50% of the capital of which is owned by a special purpose company – under establishment – wholly owned by the Kingdom Company, and 50% of its capital is a special purpose company owned by the Red Sea International Company.
The budget of the project amounts to approximately two billion riyals, knowing that the Kingdom Company and the Red Sea International Company are obligated to invest an amount 258 million riyals in the project, from each of them, through two special purpose companies affiliated with each of them, with the remaining amount of capital commitments being financed by borrowing from the project company.
This achievement is in line with the company’s strategy aimed at long-term investment in the hospitality and tourism sector in the Kingdom of Saudi Arabia, in accordance with the Kingdom’s Vision 2030.
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