John Pagano, CEO of Amaala and The Red Sea Development Co.
Amaala, an ultra-luxury destination on the northwestern coast of Saudi Arabia, has so far awarded 100 contracts at a total value of SAR 4.1 billion, CNBC Arabia reported, citing company CEO John Pagano.
“Amaala and the Red Sea projects have similar strategies, where the first is backed by the Kingdom’s sovereign wealth fund, Public Investment Fund (PIF), which provides the biggest share of the project’s funding,” stated Pagano, who is also the CEO of The Red Sea Development Co. (TRSDC).
There is a distance of 200 kilometers between the two projects, which collectively accommodate 11,000 hotel rooms. The Kingdom is seeking to provide tourists with diversified options for exploration, the CEO added.
The Red Sea project has more than 5,000 construction workers, and targets to reach 24,000 workers by mid or end of 2022.
The JV between Nesma & Partners Contracting and Almabani General Contractors reached an advanced stage in the construction of the airside infrastructure works for the project international airport. It also plans to invite bidders for the project private contracts.
Phase 1 of the project comprises the development of five, out of 22 islands, designed to protect the environment life.
In February 2019, TRSDC began the construction of a 1.5 million square meter coastal village area which will house workers, staff and management of the Red Sea mega-city project, Argaam reported.
In September 2018, the PIF launched "Amaala," an ultra-luxury destination on the northwestern coast of Saudi Arabia.
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