Coral Bloom project investment of 14 Billion SAR and will be open in 2023

coral bloom
coral bloom

Coral Bloom project investment of 14 Billion SAR and will be open in 2023 as per the CEO. Chief Executive of Red Sea Development Company, John Bagano, the estimated cost of the project Coral Bloom is about 14 billion riyals, expected to open its doors in 2023. More details below.

Coral Bloom project investment of 14 Billion SAR and will be open in 2023

The CEO explained, that the project will be the largest tourist destination around the world rely on renewable energy by 100%, as the region will have the largest storage system for the batteries in the world.

Also, He stressed that the company is fortunate being supported by the public investment Fund, the main shareholder of the project, which provides the bulk of funding.

He added: ” We are about to close financing of 14 billion riyals with 5 Saudi banks. In addition, last year we announced the signing of our largest agreement with a consortium led by “ACWA Power” as a partnership between the public and private sectors.

And based design vision of the project on biodiversity considerations, as will be preserved mangroves and other habitats to form natural lines of defense. It also covers resorts and hotels the 11th to be established on an island, keeps up with travelers aspirations after a pandemic Coronavirus, Including the provision of larger areas, and more integration into the natural landscape, to identify these hotels with the surrounding sand dunes.

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