Red Sea Global Announces $1.5 Billion Financial Closing for AMAALA Project
JEDDAH: In a groundbreaking move, Red Sea Global has officially closed the financial deal for a multi-utility infrastructure development project at the luxurious AMAALA destination, with a staggering total of $1.5 billion.
Revolutionizing Luxury Tourism
Leading the charge is a consortium comprising Electricite de France (EDF Group), Masdar, Korea East-West Power Co. (EWP), and SUEZ, aiming to transform AMAALA into a premier luxury wellness spot on the Red Sea coast of Saudi Arabia. The grand opening is slated for 2025.
Securing Support from Financial Giants
The financial close was made possible through the backing of both local and international financial institutions, including First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank, and Alinma Bank, emphasizing the unwavering commitment of the consortium to deliver unparalleled luxury, sustainability, and cultural enrichment at AMAALA.
Pioneering Renewable Energy
CEO of RSG, John Pagano, proudly stated that the project showcases how large-scale tourism destinations can run on 100 percent renewable energy, offering top-tier experiences for guests and solid financial returns for partners. The collaboration with EDF, Masdar, EWP, and SUEZ is propelling AMAALA towards becoming a solar-powered destination.
Setting New Standards in Eco-Friendly Infrastructure
Following the award of a 25-year multi-utility concession agreement with RSG in September 2023, the project entails the establishment of a cutting-edge off-grid renewable energy system, including a massive solar photovoltaic park, battery energy storage, desalination plant, and wastewater treatment facilities. The initiative is projected to reduce CO2 emissions significantly and pave the way for eco-friendly luxury tourism.
Global Commitment to Sustainability
With a focus on innovation, sustainability, and job creation, the AMAALA project is a testament to the partners’ dedication to a sustainable future. The financial close marks a major milestone in advancing renewable energy solutions and promoting economic growth.
Regenerative Impact on the Environment
AMAALA’s ambitious goal includes achieving a 30 percent net conservation benefit for local ecosystems by 2040. The project aims to enhance diverse habitats and promote biodiversity, contributing to carbon sequestration and environmental preservation.
Transforming the Luxury Landscape
Upon completion, AMAALA will boast over 4,000 hotel rooms, 30 hotels, 1,200 high-end residential properties, and a vibrant community of 15,000 residents and workers. This luxurious destination is set to redefine sustainable living environments and elevate the standard of luxury tourism.