Amaala, the ultra-luxury destination along Saudi Arabia’s northwestern coast, could raise up to SAR 10 billion 2022, according to its CEO John Pagano, speaking at the Arabian Travel Market in Dubai. “The numbers haven’t yet been finalised, with the amount of debt likely to be in the range of $5-10 billion,” he explained.
In line with the Kingdom’s Vision 2030, which is committed to reducing the country’s dependence on oil, the 4,155km2 year-round destination will include 2,800 hotel keys and more than 900 private residential villas, apartments, and estate homes. It will also feature 200 high-end retail establishments, restaurants, health and wellbeing, and recreational facilities.
In April 2020, TRSDC raised an SAR 14.12 billion ($3.77 billion) ‘green’ loan from four Saudi banks for 16 new hotels.
Fully supported by the PIF, Amaala and The Red Sea Projects are complementary and are firmly committed to delivering on Saudi Arabia’s luxury tourism aspirations, in addition to protecting and vigorously enhancing its natural environment.