Red Sea Global (RSG) has announced the financial closure of a $1.5bn deal to develop multi-utility infrastructure at its AMAALA luxury wellness destination. A consortium led by EDF Group and Masdar, along with Korea East-West Power and SUEZ, secured the funding.
The deal, supported by local and international financial institutions including First Abu Dhabi Bank, Emirates NBD, Riyad Bank, SNB, and Alinma Bank, highlights the consortium’s efforts to realise AMAALA’s vision of a sustainable luxury destination.
Red Sea Global Group chief executive John Pagano said: “This project showcases our ability to develop large-scale, fully renewable energy-powered tourism destinations, delivering exceptional guest experiences and strong financial returns for partners.
Red Sea Global announces AMAALA funding
“Our collaboration with this consortium underscores our commitment to realising AMAALA as our second 24/7 solar-powered destination.”
The new facility will feature an advanced renewable energy system, completely independent of the national electricity grid. It will include a 250 MW photovoltaic solar power plant to generate electricity and a 700 MWh battery system for energy storage.
To ensure reliable baseload power, the facility will also have transmission and distribution lines, a desalination plant producing 37 million litres of drinking water daily, and wastewater treatment plants.
The innovative project is poised to reduce carbon emissions by approximately 350,000 tons annually compared to similar infrastructure projects, setting a new standard for sustainable luxury tourism and paving the way for a new era of advanced infrastructure.
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