Saudi Arabia to Merge Red Sea Project with Amaala

Saudi Arabia to Merge Red Sea Project with Amaala

Saudi Arabia intends to raise up to 10 billion riyals (USD 2.67 billion) next year for the Amaala project. (Asharq Al-Awsat)

John Pagano, CEO of the Red Sea Development Company and the Amaala project - two prominent pillars of the tourism transformation within the Kingdom Vision 2030 - revealed that Saudi Arabia intends to raise up to 10 billion riyals (USD 2.67 billion) next year for the Amaala project, one of the largest resort tourism projects in the world.

Amaala and the Red Sea projects, which are being built on the Red Sea coast, are part of Saudi Arabia’s efforts to diversify the Kingdom’s economy by promoting new sectors such as tourism. The two projects are also environmentally friendly and will rely on renewable sources of energy.

The planned “green” financing for the Amaala project would follow a larger loan raised earlier this year for the Red Sea Project.

“We will come to the market probably sometime next year with a financing for Amaala specifically related to the first phase of the project,” Pagano told Reuters on Tuesday.

He said the loan was likely to be between 5 and 10 billion riyals and follows the 14 billion riyals raised by The Red Sea Development Company