Saudi’s giga-projects and regenerative tourism destinations, The Red Sea Project and AMAALA, are creating an entirely new luxury property market in line with the kingdom’s Vision 2030, shared Giles Hannah, residential executive director at The Red Sea Development Company, in an interview during Cityscape Global.
“Both The Red Sea Project and AMAALA will feature new residential offerings that will soon create an exceptional first opportunity to own property in the West Coast KSA giga-projects,” he said.
Under the ambitious Vision 2030 plan that seeks to diversify the country’s economy away from oil, tourism plays a key role in achieving that goal. There are several giga tourism projects in the works in the kingdom, including the Red Sea Development project, AMAALA, AlUla, and Neom.
Amaala and The Red Sea Projects are key components to delivering on Saudi Arabia’s luxury tourism ambition, as well as protecting and actively enhancing the country’s natural environment.
“This is about the creation of a new luxury residential market in the Kingdom of Saudi Arabia, and these will be the most desirable villas and apartments in the region to purchase….the residences will take the prime and super prime residential markets in the region to a new level of luxury and will create the ultimate lifestyle for those who buy into this offering,” said Hannah.
Investors from within the kingdom, and at an international level, are showing “strong interest” in becoming a part of Saudi’s Red Sea Development, shared Nick King, Chief Development Officer (CDO), The Red Sea Development Company, told Arabian Business in September.
“Nowhere else in the world is witnessing as great a scale of development or investment into new projects and infrastructure as Saudi Arabia,” added Hannah.
“There are some exceptional opportunities for international firms to open and expand operations and conduct business in the region, making KSA a key growth market in many business sectors… the next few years will mark a significant increase in new businesses and opportunities,” he said.
Alongside fostering an attractive business environment for international firms, the developments are also generating opportunities for local communities and Saudi residents, Hannah explained.
“The projects are already creating several thousand jobs in construction, development, and hospitality per year. The local communities are benefitting from new employment opportunities, training in new skillsets, and significant investment into infrastructure and renewable energy,” he said.
“The hope is that the local communities and residents will benefit from the projects being developed both now and for future generations to come,” he added.
The Red Sea and AMAALA projects are also driving investment in other sectors of Saudi Arabia’s economy, in which Hannah said: “The Red Sea Project and AMAALA will benefit many areas of the KSA economy and will encourage investment into several business sectors…there are significant investments underway in sustainability initiatives, tourism, hospitality, education, F&B, retail, arts & culture, leisure, healthcare, yachting and sports.”
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