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The heart of the Red Sea Riviera, Amaala project, is set to break ground early 2020, chief executive officer (CEO) Nicholas Naples told Argaam in an exclusive interview.
Naples said the board of directors approved the master plan and extensive feasibility and assessment studies are currently underway, adding that development is being rolled out in three key phases, and will be completed within the next decade ahead of the realization of Saudi Vision 2030.
“Amaala sits within the Red Sea ecosystem, which aims to establish a unique tourism offering in support of the Kingdom’s economic diversification,” he noted.
Acting as a key driver of Vision 2030’s objectives, Naples highlighted that Amaala will cultivate investment opportunities, support economic growth with a focus on the development of new economies, and drive employment in new economic sectors.
On the employment opportunities estimate, Amaala CEO expected the project to generate over 30,000 direct jobs and 20,000 indirect jobs.
Naples declined to disclose the ratio of Saudi firms contracted so far because the project’s outreach is still in early stages, nevertheless, he emphasized that initial reaction from both the public and private sectors “has been incredibly encouraging”.
On the partnership agreement with the Prince Albert II Foundation, the Centre Scientifique de Monaco and the Oceanographic Institute, he said it is a testament to Amaala’s steadfast commitment to sustainability.
“Sustainability is a key pillar of the Amaala project and sits at heart of everything we do, from development through to operation,” Naples stressed.
He further explained that four key areas of joint exploration were identified in the fields of coral reef management, iconic species protection, Marine Protected Areas (MPA) enforcement, and fighting plastic pollution.
In addition, Naples noted the Amaala Marine Life Institute will pave the way for integrating several initiatives related to marine and oceanographic life conservation, as well as research and education.
“These initiatives can then be applied to Saudi Arabia’s waters and the world’s seas,” he stated.
Read more: AMAALA partners with Monaco Foundation to work on marine conservation
Saudi Arabia’s luxury giga-project Amaala, also known as the Riviera of the Middle East was launched in September 2018 by the Public Investment Fund, the Kingdom’s sovereign wealth fund. It spans over 3,800 square kilometers, with the total of 2,525 hotel keys and 1,496 residential units focusing on art, culture, wellness and healthy living.
Write to Christine El Cheikh at christine.elcheikh@argaamplus.com
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