Red Sea Global to Develop AMAALA Project in Saudi Arabia

Red Sea Global has successfully closed a financial deal worth $1.5 billion for the development of a multi-utility infrastructure project at the luxurious AMAALA destination on the Red Sea coast of Saudi Arabia. The consortium leading the initiative includes Electricite de France (EDF Group), Abu Dhabi Future Energy Co. (Masdar), Korea East-West Power Co. (EWP), and SUEZ. The project aims to position AMAALA as a top-tier wellness destination and is set to welcome its first guests in 2025. The financial closing was made possible with the support of local and international financial institutions, highlighting the commitment to luxury, sustainability, and cultural enrichment.

The multi-utility concession agreement awarded to Red Sea Global in September 2023 includes financing, engineering, development, construction, operation, maintenance, and eventual transfer of the infrastructure facility supporting the AMAALA destination. The facility features a renewable energy system utilizing a 250-megawatt solar photovoltaic park, battery energy storage, desalination plant, and wastewater treatment plants. This eco-friendly infrastructure is expected to reduce CO2 emissions significantly and set new standards for luxury tourism, offering uninterrupted water access and carbon-free electricity to 65,000 people.

The AMAALA project is not only focused on sustainability but also aims to have a regenerative impact on the environment by achieving a 30 percent net conservation benefit for local ecosystems by 2040. The development will enhance diverse habitats such as mangroves, seagrass, corals, and land vegetation, promoting biodiversity and contributing to carbon sequestration. Upon completion, AMAALA will feature over 4,000 hotel rooms, 30 hotels, 1,200 high-end residential units, and a vibrant community of over 15,000 residents and workers, creating a dynamic and sustainable living environment.

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