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The consortium led by EDF Group and Masdar, alongside their partners Korea East-West Power Co. (EWP) and SUEZ, announced that it has reached the financial close for its multi-utilities infrastructure facility at AMAALA.
The overall project build cost is approximately 1.5 billion USD.
Developed by Red Sea Global, AMAALA is a new destination with wellness at its core, nestled along the Red Sea coast of the Kingdom of Saudi Arabia and expected to start welcoming guests in 2025.
The financial close was made possible due to the support of local and global financial institutions including: First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank. The milestone underscores the consortium’s commitment to realising AMAALA’s promise of unparalleled luxury, sustainability, and cultural enrichment.
This achievement follows the awarding of a 25-year multi-utility concession agreement with Red Sea Global in September 2023, with the option to extend, and involves the financing, engineering, development, construction, operation, maintenance and transfer of a multi-utilities infrastructure facility to service the AMAALA destination.
The facility consists of a fully optimised and decarbonised off-grid renewable energy system, which will generate electricity from a 250 MW solar photovoltaic park, 700MWh battery energy storage, transmission and distribution lines, and desalination plant, with a capacity of 37 million litres of drinking water per day and wastewater treatment plants securing the needed base load around the clock.
The innovative project will avoid the equivalent of nearly 350,000 tons of CO2 emissions every year compared to average infrastructures of this kind, and it will be a cutting-edge infrastructure project , paving the way for a new era of eco-friendly luxury tourism.
AMAALA will go beyond sustainability to have a regenerative impact on the environment. By 2040 AMAALA plans to achieve a 30% net conservation benefit for local ecosystems. This will be accomplished by enhancing biologically diverse habitats such as mangroves, seagrass, corals, and land vegetation, promoting biodiversity while contributing to carbon sequestration.
The first phase of AMAALA is set to welcome its first guests in 2025. Upon completion, the destination will feature over 4,000 hotel rooms across 30 hotels, and 1,200 high-end residential villas, apartments, and estate homes. AMAALA will also host a vibrant community for more than 15,000 residents and workers, creating a dynamic and sustainable living environment. |
