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RIYADH: Saudi Arabia’s ultra-luxury development project AMAALA, developed by The Red Sea Development Co., has so far signed more than 300 contracts worth more than SR6.62 billion (1.7 billion), according to a press release.
TRSDC revealed that more than 98% of the total contracts were awarded to Saudi companies, indicating the company’s commitment to strengthening the local economy.
The press release noted that contracts worth an additional SR6.1 billion are currently out of tender for 54 proposals.
“Surpassing 300 contract awards underscores the scale of this project and the significant progress being made as we continue our activities on the ground to bring our destination to life,” said John Pagano, Group CEO TRSDC.
He added: “As we turn our regenerative commitments into concrete actions, the destination will undoubtedly be an important stepping stone to redefining tourism in the region and beyond.”
AMAALA is one of the most ambitious projects in Saudi Arabia spanning over 4,155 km2. The first phase of the project is expected to be completed in 2024, with eight hotels and 1,200 hotel keys.
When completed in 2027, it will offer approximately 3,000 rooms across 25 hotels as well as high-end retail establishments, gourmet restaurants, wellness and leisure facilities.
The AMAALA project is also expected to create 50,000 new direct, indirect and induced jobs for Saudis, as well as contribute more than SR11 billion to the country’s gross domestic product when fully operational.
Earlier in June, during an exclusive interaction with Arab News, Ahmad Darwish, Administrative Director of TRSDC and AMAALA, said that Red Sea Project and AMAALA are year-round tourist destinations.
“Summer, winter, spring or fall, you name it; it will be a year-round destination,” Darwish said.
He also said that TRSDC and AMAALA are now spearheading a journey beginning from sustainability to reach regenerative tourism.
“We are moving away from sustainable development towards regenerative tourism. It’s not just about keeping things as they are. This improves the situation. We are trying to do better for the environment and the habitats,” Darwish told Arab News.