Logos of TRSDC and Amaala
The Red Sea Development Co. (TRSDC) will acquire Amaala, both owned by the Public Investment Fund (PIF), Bloomberg Asharq TV reported, citing John Pagano, Chief Executive Officer (CEO) of TRSDC and Amaala.
Pagano did not mention any further details about the deal value.
In February, Pagano said that Amaala and the Red Sea projects have similar strategies. The first one is backed by the Kingdom’s sovereign wealth fund, which provides the biggest share of the project’s funding.
There is a distance of 200 kilometers between the two projects, which collectively accommodates 11,000 hotel rooms.
The Kingdom is seeking to provide tourists with diversified options for exploration, he added.
The first phase of the mega Red Sea project will see the development of 16 luxury hotels, 11 island resorts and 2 inland resorts.
When complete, the project will develop 22 out of 90 islands. It is expected to contribute SAR 22 billion to the GDP of the Kingdom, create around 70,000 jobs and provide premium facilities to attract one million tourists every year.
In September 2018, the PIF unveiled Amaala, which is set to become an uber-luxury destination on the North-Western coast of Saudi Arabia. The project is expected to be complete in 2028.
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