Saudi Arabia’s AMAALA has secured a SAR1 billion ($267 million) “Primary Infrastructure and Utility Contract” by the kingdom’s multi-project developer Red Sea Global (RSG).
The project will be undertaken by AL-AYUNI Investment and Contracting, which will deliver the first development phase at AMAALA, RSG said in a statement on Monday.
AMAALA is an ultra-luxury tourism destination located along Saudi’s north-western coast, across its Triple Bay masterplan.
AL-AYUNI will be “responsible for delivering state-of-the-art Primary Utility Infrastructure Systems, while minimising Triple Bay’s carbon footprint as part of AMAALA’s commitment towards net-zero operations,” the statement said, adding that the investment and contracting company was selected based on its overall technical and commercial competencies, as well as regional and global credentials.
“Red Sea Global is a future-forward developer that is closely aligned with our legacy of innovating world-class solutions, cementing trusted relationships, and setting new benchmarks. It is an honor for us to contribute to its pioneering destinations and we look forward to unlocking the full breadth of our robust capabilities to meet RSG’s ambitious sustainability targets,” AL-AYUNI Investment and Contracting Company’s chairman Faheed Al-Ayuni said.
The first phase of AMAALA’s development will include eight hotels, upwards of 1,200 hotel keys, all of which will be fully completed in 2027.
AMAALA will also offer 3,000 hotel rooms across 25 hotels as well as high-end retail establishments, fine dining, wellness, and recreational facilities.
AMAALA is a core component of the Vision 2030 strategy to diversify the economy by enabling rapid growth in the tourism sector.
The project is expected to create upwards of 50,000 new direct, indirect, and induced jobs for Saudis, as well as upwards of 11 billion riyals to the country’s GDP once fully operational.
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