Saudi Arabia is seeking to bring together two developers owned by the Saudi Public Investment Fund on the Red Sea coast, with the aim of attracting more tourists, according to the CEO of the two companies, John Pagano.
Pagano confirmed, in his statement today, Monday, that the Red Sea Development Company will acquire Amala, without clarifying the financial details. These two companies belong to the Public Investment Fund and are working on building neighboring tourism projects on the Red Sea coast.
He added that ACWA Power, one of the main entities in the Kingdom for building renewable energy projects, will build a battery storage facility at the site of the Red Sea project to ensure its ability to operate with renewable energy. He stressed that, for the foreseeable future at least, the source of our fame will be that our project contains the largest battery storage system in the world.
Regarding hotel brands and their management, Pagano said, "We will sign a number of deals in the coming days, as all the major players from international hotel chains are very keen to be part of the Red Sea." These partnerships are likely to be announced during the "Saudi Future Investment Initiative" summit. It is scheduled to be launched next October.
In previous statements, Pagano explained the difference between the two projects, stressing that while our focus in the Red Sea is mainly on nature, eco-tourism and sustainability, the first phase of development in "Amala" will consist of 6 hotels and about 1,000 hotel rooms, and it is expected to be completed by The first quarter of 2024, indicating that the next stages will be completed in 2025, while the final image of the project will appear by the end of 2027, with about 3000 rooms within 25 hotels.
It is noteworthy that the Red Sea project has reached advanced stages in its construction, and it is scheduled to be opened to receive guests at the end of 2022 with the opening of the international airport and the first group of hotels. .
The Red Sea project, whose phases are scheduled to be completed in 2030, includes more than 50 hotels, and the hotels include about 8000 hotel rooms, and more than a thousand residential properties, spread over 22 islands and 6 internal sites. The destination will also include a luxury marina, and many other facilities.
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