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  • 02-11-20

    KSA to improve tourism sector

    (MENAFN) The chief executive of Saudi Arabia's Red Sea Development Company are working on acquiring a SAR12 billion (USD3.7 billion) loan from five local banks by the end of 2020, as they are constructing a luxurious tourist attraction that is the size of Belgium.

    Although the chief executive John Pagano did not disclose which banks will be giving out the loans, he did say that the company has been trying to fund the project since the previous year, which draws out across several islands off the kingdom's west coast.

    "We're now starting to ramp up our construction spend so it's a good time to get the debt facility in place," Pagano stated.

    Improving the tourism sector is one of Crown Prince Mohammed bin Salman's major goals to renovate the kingdom's economy. Even though the budget has seen some damages because of the Covid-19 outbreak and the lowered oil prices, work has not stopped on two extensive tourism developments on the Red Sea and an entertainment center close to the capital.

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