Saudi stock markets slide on declining oil prices: Closing bell


RIYADH: Saudi Arabia’s ultra-luxury development project AMAALA, which is being developed by The Red Sea Development Co., has signed over 300 contracts worth over SR6.62 billion ($1.7 billion) to date, according to a press release. 

TRSDC revealed that more than 98 percent of the total contracts have been awarded to Saudi firms, which indicates the company’s commitment to strengthening the local economy. 

The press release noted that contracts worth an additional SR6.1 billion are currently out of tender across 54 proposals. 

“Surpassing 300 contract awards underscores the scale of this project and the significant progress being made as we press ahead with activity on the ground to bring our destination to life,” said John Pagano, Group CEO of TRSDC. 

He added: “As we transform our regenerative commitments into concrete actions, the destination will undoubtedly be an important stepping stone to redefining tourism in the region and beyond.” 

AMAALA is one of the most ambitious projects in Saudi Arabia which spans over 4,155 sq. km. The first phase of the project is expected to be completed in 2024, with eight hotels and 1,200 hotel keys. 

Upon its full completion in 2027, it will offer approximately 3,000 rooms across 25 hotels as well as high-end retail establishments, fine dining, wellness, and recreational facilities. 

The AMAALA project is also expected to create 50,000 new direct, indirect, and induced jobs for Saudis, as well as contribute more than SR11 billion to the country’s gross domestic product once fully operational.

Earlier in June, during an exclusive interaction with Arab News, Ahmad Darwish, chief administrative officer at TRSDC and AMAALA, said that both Red Sea Project and AMAALA are year-round tourist destinations. 

“Summer, winter, spring or autumn, you name it; it will be a year-round destination,” said Darwish. 

He also said TRSDC and AMAALA are now spearheading a journey beginning from sustainability to reaching regenerative tourism. 

“We’re moving away from sustainability to regenerative tourism. It’s not just keeping things as it is. It’s improving the situation. We’re trying to do better things for the environment and habitats,” Darwish told Arab News.



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