Saudi Arabia’s Public Investment Fund (PIF) is combining two giga projects with The Red Sea Development Company (TRSDC) having taken over Amaala under a single new entity, which will be soon known as Red Sea Global, according to the joint CEO of both companies.
Amaala’s takeover by TRSDC was announced in September 2021.
“We will be known as Red Sea Global, and we are in the process of changing names where the development company will become the Group company and we have a new service company, which will become the development company,” John Pagano told Zawya Projects on the sidelines of the Arabian Travel Mart (ATM) last week.
“The group holding structure has various subsidiaries, which include the Red Sea project, the first phase of Amaala, a landscape nursery business, a seaplane business and so on,” he added.
Last week, on 11 May, Pagano had told Saudi English language newspaper Arab News that the two projects are expected to jointly contribute around 33 billion Saudi riyals ($8.8 billion) to the Saudi economy in five years.
TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination, which will comprise 50 hotels, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites.
Amaala is an ultra-luxury wellness destination spanning 4,155 square kilometres within the Prince Mohammad bin Salman Natural Reserve. The project is designed to house more than 3,000 hotel rooms across 25 hotels, and approximately 900 luxury residential villas, apartments, and estate homes, alongside high-end retail establishments, fine dining, wellness, and recreational facilities.
(Reporting by Sona Nambiar; Editing by Anoop Menon)