Saudi AMAALA Project Advances with Red Sea Global Awarding $6.13bn in Contracts

Overview

The Public Investment Fund (PIF) of Saudi Arabia has announced the awarding of $6.13 billion in contracts to Red Sea Global for the AMAALA project. The contracts cover various aspects of the project, including infrastructure, utilities, and landscaping.

AMAALA is a luxury tourism destination being developed on the northwestern coast of Saudi Arabia. The project is expected to include hotels, resorts, residential villas, and a marina. It is part of Saudi Arabia's Vision 2030 plan to diversify the economy and attract foreign investment.

Key Takeaways

• Red Sea Global has been awarded $6.13 billion in contracts for the AMAALA project.
• The contracts cover infrastructure, utilities, and landscaping.
• AMAALA is a luxury tourism destination being developed on the northwestern coast of Saudi Arabia.
• The project is expected to include hotels, resorts, residential villas, and a marina.
• AMAALA is part of Saudi Arabia's Vision 2030 plan to diversify the economy and attract foreign investment.

Details of the Contracts

The contracts awarded to Red Sea Global include:

• $2.5 billion for infrastructure, including roads, bridges, and utilities.
• $2.1 billion for utilities, including water, power, and wastewater treatment.
• $1.5 billion for landscaping, including parks, gardens, and green spaces.

The contracts are expected to create thousands of jobs and support the development of the local economy.

Significance of the Project

The AMAALA project is a significant investment in Saudi Arabia's tourism sector. The project is expected to attract high-end tourists from around the world and contribute to the country's economic growth.

The project is also expected to create thousands of jobs and support the development of the local economy. The contracts awarded to Red Sea Global will create jobs in construction, engineering, and other related fields.

The AMAALA project is a key part of Saudi Arabia's Vision 2030 plan. The project is expected to help the country diversify its economy and attract foreign investment. The project is also expected to create jobs and support the development of the local economy.

Conclusion

The awarding of $6.13 billion in contracts to Red Sea Global for the AMAALA project is a significant step forward for the development of the project. The project is expected to attract high-end tourists from around the world and contribute to the country's economic growth.

The project is also expected to create thousands of jobs and support the development of the local economy. The contracts awarded to Red Sea Global will create jobs in construction, engineering, and other related fields.

The AMAALA project is a key part of Saudi Arabia's Vision 2030 plan. The project is expected to help the country diversify its economy and attract foreign investment. The project is also expected to create jobs and support the development of the local economy.