Amaala, the ultra-luxury destination located along Saudi Arabia’s north western coast, will award a multi-billion-riyal public-private partnership (PPP) contract within three to four months, said its CEO John Pagano.
Still in its early stages, the contract will go to market within the coming weeks, Pagano, who is also the CEO of The Red Sea Development Company (TRDC), told Zawya in an interview in June.
Without elaborating on the specifics of the contract, Pagano said they are in the process of confirming the bidders’ statements of qualifications and that there could be three different bidders on that package.
Both Qiddaya and The Red Sea giga projects utilised PPP contracts to develop their utilities infrastructure in the kingdom, and Pagano said he is leveraging his experience with The Red Sea project to fast-track this contract.
Pagano took on the role of Amaala’s CEO in January, following the departure of the previous CEO Nicholas Naples.
In October last year, Amaala awarded Tamimi Global Co (TAFGA) the design and build contract for the construction of the first stage of its Construction Village which includes the second and third stages of civil and infrastructure works for the village.
Meanwhile, Amaala may raise up to 10 billion riyals ($2.7 billion) next year as the kingdom presses on with Crown Prince Mohammed bin Salman’s program to diversify the economy, Pagano said in an interview during the Arabian Travel Market in Dubai in May.
John Pagano
The numbers haven’t yet been finalised, with the amount of debt likely to be in the range of 5-10 billion, he said. The company has awarded more than 3 billion riyals in contracts.
Set in the Prince Mohammad bin Salman Natural Reserve across three unique communities, the 4,155 square kilometres year-round destination will include 2,800 hotel keys and more than 900 residential villas, apartments and estate homes, alongside 200 high-end retail establishments, fine dining, wellness and recreational facilities.
Amaala is one of a number of tourism-related mega projects being built in Saudi Arabia as the kingdom aims to become a major player on the global stage.
Massive investment to the tune of $810 billion is expected to transform Saudi Arabia as one of the largest leisure tourism industries in the world over the next decade.
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