Saudi ultra-luxury tourism project AMAALA has 6.1 billion Saudi riyals ($1.6 billion) of contracts currently out to tender across 54 proposals, the project’s developer The Red Sea Development Company (TRSDC) said in a press statement.

The statement said 300 contracts worth more than 6.62 billion Saudi riyals ($1.76 billion) have been signed to date with Saudi firms accounted for more than 98 percent of the total contract value.

“Surpassing 300 contract awards underscores the scale of this project and the significant progress being made as we press ahead with activity on the ground to bring our destination to life,” said John Pagano, Group CEO of TRSDC.

Spanning over 4,155 square kilometres within the Prince Mohammad bin Salman Natural Reserve, the first phase of AMAALA is focused on the Triple Bay masterplan.

 AMAALA Construction updates

  • Work is underway for enabling infrastructure and groundwork with more than 2,400 staff already on site and 9.9 million manhours logged to date.
  • 11 kilometres of roads were completed ahead of schedule, while the entrance for Triple Bay is expected to be completed by October 2022.
  • 8 hotels and upwards of 1,200 hotel keys are set for completion in 2024.
  • The first section of the Construction Village, designed to house to 5,000 construction workers, is now operational. An additional two sections are in progress to provide accommodation for a further 10,000 workers.
  • Secondary infrastructure works are also in progress for the development of the first phase of Employee Village in Triple Bay, set to accommodate nearly 20,000 employees, who will eventually operate the destination.
  • Construction on the destination’s transport links has also commenced, with the airside infrastructure works for the destination’s new airport progressing on schedule. The fast-track contract for the works was awarded to Rawabi BUTEC in 2020 and includes the development of the airport’s 3,150m runway, taxiways and aprons, alongside additional infrastructure.
  • For its tourism offering, bulk earthwork is in progress, with nearly 50 percent of the total fill quantity completed to date in key super plots. This includes the AMAALA Yacht Club, the Red Sea Marine Life Institute, The Marina and the Wellness Core, as well as three of the first hotels.
  • AMAALA will be powered by renewable energy with no connection to the national grid and send zero waste to landfill.

The project is expected to create upwards of 50,000 new direct, indirect, and induced jobs for Saudis, as well as contribute upwards of 11 billion riyals ($2.9 billion) to the country’s GDP once fully operational.

AMAALA is a core component of Saudi Vision 2030 strategy to diversify the economy by developing the tourism sector. Once complete in 2027, it will offer approximately 3,000 hotel rooms across 25 hotels as well as high-end retail establishments, fine dining, wellness, and recreational facilities.

SDC Code: 4318517158

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)