Amaala is a land and property
megaproject
A megaproject is an extremely large-scale investment project.
According to the ''Oxford Handbook of Megaproject Management'', "Megaprojects are large-scale, complex ventures that typically cost $1 billion or more, take many years to develop and ...
currently in development in
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...
that is managed by Red Sea Global and forms part of the
Saudi Vision 2030 program. Its name is derived from the Arabic word for "hope", and focuses on luxury tourism to attract visitors to the
Red Sea
The Red Sea ( ar, البحر الأحمر - بحر القلزم, translit=Modern: al-Baḥr al-ʾAḥmar, Medieval: Baḥr al-Qulzum; or ; Coptic: ⲫⲓⲟⲙ ⲛ̀ϩⲁϩ ''Phiom Enhah'' or ⲫⲓⲟⲙ ⲛ̀ϣⲁⲣⲓ ''Phiom ǹšari''; ...
coast. The project consists of three main developments: The Coastal Development, Amaala Island, and Triple Bay.
The project is under the patronage of Prince
Mohammed bin Salman
Mohammed bin Salman Al Saud ( ar, محمد بن سلمان آل سعود, translit=Muḥammad bin Salmān Āl Su‘ūd; born 31 August 1985), colloquially known by his initials MBS or MbS, is Crown Prince and Prime Minister of Saudi Arabia. H ...
. The
Public Investment Fund
The Public Investment Fund (PIF; ar, links=no, صندوق الإستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $620 billi ...
(PIF) Development Management Organisation was established with Nicholas Naples, CEO. Amaala, along with the other Red Sea projects, is expected to provide jobs to 35,000 individuals.
and planned to span over 3,800 km2.
On 25 October 2022, it was announced that AMAALA and The Red Sea Development Co. (TRSDC) has been merged to form Red Sea Global (RSG).
Phases
The first phase of the project is planned to be completed by the fourth quarter of 2020. The project is to be wholly accomplished by 2028.
Facilities
* 2,500 hotel rooms
* 200 retail shops, art exhibitions and marinas
* 700 villas
* A state-of-the-art Marine Life Institute
Notes and references
Notes
References
Public Investment Fund
Tourism in Saudi Arabia
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