RIYADH: Red Sea Global (RSG) secured $ 1.5 billion for funding the AMAALA Infrastructure project which will transform Saudi Arabia’s Red Sea coastline into a luxury wellness destination. Partners of the project include EDF Group, Masdar, Korea East-West Power Co. (EWP) and SUEZ. First Abu Dhabi Bank, Emirates NBD and Riyad Bank are the main institutions that financially supported the project. This milestone will help AMAALA achieve its goal of providing unmatched luxury and sustainability to guests from 2025.
RSG’s CEO John Pagano disclosed that the project would use 100% renewable energy showing that eco-friendly large-scale business can be profitable. The multi-utility concession agreement which was signed in September 2023 has a 25-year term with a possibility of extension. The project comprises of financing, development, construction, operation, maintenance and transfer of infrastructure facilities.
The infrastructure of AMAALA will comprise an off-grid renewable energy system with 250MW solar park, 700 MWh battery storage, transmission lines, desalination plant of 37 million litre per day and wastewater treatment facilities. This design aims to reduce 350,000 tonnes of CO2e emissions every year presenting a sustainable luxury tourism.
EDF, Masdar, EWP, and SUEZ’s key leaders highlighted the project’s innovative approach with solar power and water treatment solutions which has set new industry standards. The project aims to deliver carbon-free electricity and water to 65,000 people, create employment for the locals and foster economic growth. AMAALA aims to generate 30 net conservation benefits by 2024, helping ecosystems like mangroves and coral reefs to boost biodiversity and carbon capture.
When complete, AMAALA will provide over 4,000 hotel rooms across 30 hotels, luxury residencies and a community of more than 15,000, making luxury living through sustainability.
