RIYADH: AMAALA’s first phase will be completed by the end of 2024, according to Jay Rosen, group chief financial officer at The Red Sea Development Company and AMAALA.
In an exclusive interaction with Arab News, Rosen revealed that the construction work of AMAALA’s first development Triple Bay is progressing steadily.
“We’ve already completed our construction camps. We have a 5,000 unit construction village for our contractors. Which is up and running and there's a lot of work that's been mobilized up on-site for earthwork,” Rosen told Arab News.
Last month, the ultra-luxury destination located along Saudi Arabia’s north-western coast, signed a major contract with Haif Trading and Contracting Co. for the infrastructure development of the first phase of its world-class accommodations at the Employee Village in Triple Bay. The accommodations to lodge over 20,000 AMAALA employees.
Rosen also revealed that the AMAALA and the Red Sea project, although now are combined under one group, will be very different.
According to Rosen, AMAALA is a coastal-based development project in a wonderful landscape with mountains and canyons in the backdrop. He noted that AMAALA will have 30 hotels and 3,000 hotel rooms. However, the Red Sea is a much larger project, accommodating 50 hotels, 8,000 hotel keys.
“Red sea is being developed on the islands. AMAALA is generally a coastal-based development. It does have one island that it will develop. It’s genuinely a coastal development. And I can tell you both sites are absolutely spectrum. But they're very different,” added Rosen calling AMAALA.
Assuring the sustainability factor, Rosen asserted that the ultimate goal is to achieve green accreditation, which will help the company to tap several other capital markets with similar green financing schemes that TRSDC took.