Red Sea Global, the developer behind Saudi Arabia’s new push towards sustainable tourism destinations, has announced the financial close of a new multi-utilities infrastructure project.
This project, set to cost around US$1.5bn, will provide clean energy and water to all the entire AMAALA project, which consists of three main developments: The Coastal Development, Amaala Island and Triple Bay.
What exactly is Red Sea Global’s AMAALA?
AMAALA is an ambitious project currently under development along the Red Sea coast in northwestern Saudi Arabia, designed to establish a luxury tourism destination that emphasises wellness, culture and sustainability.
Spanning 4,000 km², AMAALA aims to attract visitors with a range of offerings, including upscale accommodations and various recreational activities.
The first phase of the development is set to open in 2025, featuring eight hotels with approximately 1,300 rooms. By 2027, the project plans to expand further, with more than 3,000 hotel rooms across 29 properties and nearly 1,000 high-end residential villas.
The project is part of Saudi Arabia’s Vision 2030 initiative, a strategy designed to lessen the nation’s reliance on oil revenues by diversifying into different industries, like tourism.