23 May 2019
Saudi Arabia's sovereign fund Public Investment Fund (PIF) is expected to award the design consultancy services contract for its $3 billion Amaala development in Tabouk, Saudi Arabia, by the second quarter of 2019, a source close to the project has said.

The 3,800-square kilometre luxury development, dubbed the Riviera of the Middle East, would be located on the Red Sea coast, and sit alongside NEOM and The Red Sea Project as part of PIF's giga-projects investment portfolio, according to September 2018 PIF press statement.

"The developer is in the final stages of appointing a consortium of international design firms. The contract award is expected by fourth week of June 2019," the source said, adding that the bids were submitted in March.

The source said PIF is expecting 15 international firms to submit tender documents but declined to reveal the names of the companies that had accepted the EOI invite.

He said groundbreaking for the project is expected to take place in the second quarter of 2019, and Phase 1 is expected to open in the fourth quarter of 2020,

U+A Architects and WSP Global are among participating firms, officials from both firms confirmed with Thomson Reuters Projects.

In May, regional financial news portal Argaam reported that the project includes 2,525 hotel keys and 1,496 residential units. The report said the project would consist of three zones - an integrated sports and wellness community Triple Bay; an artist community The Island and a museum and cultural district The Coastal Development, with master plans for all three zones approved by the government.

A fact sheet issued by PIF in September 2018 said the luxury destination would include 700 residential villas, 200 retail establishments and a dedicated airport, and target the world's top 2.5 million leisure travellers.

(Reporting by Senthil Palanisamy; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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