The Red Sea Development Company (TRSDC) highlighted its ambitious regenerative tourism project in Riyadh, Saudi Arabia, when delegation leader CFO Jay Rosen graced the stage at Sir Anthony Ritossa’s 18th Global Family Office Investment Summit, in the presence of His Royal Highness Prince Abdulaziz bin Faisal bin Abdulmajeed Al Saud.
TRSDC is a full-service real estate company that is building two giga projects in Saudi Arabia in support of the kingdom’s Vision 2030. The Red Sea Project is the most progressive and has been in the works since 2019. Upon completion, it will have 50 hotels and 8,000 hotel rooms, the first of which will welcome guests in late 2022 – all situated across a natural lagoon of 90 untouched islands and unique inland areas. The second project is AMAALA, located just north of the Red Sea Project, which will have 30 hotels with some 3,000 hotel rooms.
Rosen’s fireside chat entitled ‘Attracting International Investment to the Kingdom’ addressed the fascinating details of these projects and progress to date, including upcoming milestones and partnership opportunities. As the developer behind one of the world’s most ambitious regenerative tourism destinations, TRSDC is preserving the nation’s precious cultural and environmental heritage, creating investment opportunities for the private sector, and developing the kingdom’s tourism industry in exciting new ways.
AMAALA is designed to offer the best in art and culture, wellness and sports, as well as sun, sea and lifestyle – all inspired by the beauty of the Red Sea – and will be set in the Prince Mohammad bin Salman Natural Reserve. At the intersection of fitness, mindfulness and wellness, AMAALA will offer a holistic wellbeing experience for guests aspiring to become the best versions of themselves.
While phase one of both projects are fully financed, Rosen is currently seeking investment partners that share the company’s vision and values, and invites anyone interested to reach out to him for details of current opportunities.
Discover The Red Sea Development Company
TRSDC is a closed joint stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. It was established to drive the development of the Red Sea Project – a luxury regenerative tourism destination setting new standards in sustainable development to further position Saudi Arabia on the global tourism map.
The project is being developed across 28,000 square kilometres of pristine lands and waters along the country’s west coast, including a vast archipelago of more than 90 pristine islands. The destination also features sweeping desert dunes, mountain canyons, dormant volcanoes and ancient cultural and heritage sites. It is designed to include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasises renewable energy, water conservation and recycling in addition to a circular waste management system to achieve zero waste to landfill.
Activity for the first phase of development is on track to be completed by the end of 2023. The project has surpassed significant milestones with over 700 contracts signed to date worth more than US$5.3 billion (SAR$20 billion).
The 100-hectare Landscape Nursery, which will provide approximately 25 million plants for the Red Sea Project and AMAALA, is now fully operational. There are more than 10,000 workers currently on site and 80 kilometres of new roads have been completed including the new airport road which will better connect the destination. The Construction Village is now open and development is progressing well at the Coastal Village, which will be home to around 14,000 people who will eventually work at the destination.
AMAALA: an ultra-luxe destination
Set in the Prince Mohammad bin Salman Natural Reserve along Saudi Arabia’s north-western coast and spanning 4,155 square kilometres, the year-round destination features a pristine landscape and diverse natural ecosystems coupled with a unique and intriguing heritage and local culture.
Designed to evolve and elevate the very best in travel, AMAALA is an ultra-luxury destination and the first global integrated family wellness destination set to curate transformative personal journeys inspired by arts, wellness and the purity of the Red Sea. State-of-the-art facilities and an attractive year-long event calendar will ensure AMAALA is a distinctive wellness destination worldwide.
Phase one of Triple Bay is well underway and is set for completion in 2024. It will consist of eight resorts offering upwards of 1,200 hotel keys. More than 250 contracts have been awarded to date worth in excess of US$1.3 billion (SAR$5 billion).
Once complete, AMAALA will be home to more than 3,000 hotel rooms across 25 hotels and around 900 luxury residential villas, apartments and estate homes featuring high-end retail establishments, fine dining, wellness and recreational facilities.
Sustainability is a cornerstone of AMAALA, which will be powered by 100 per cent renewable energy. This will result in preventing CO₂ emissions entering the atmosphere – equivalent to nearly half a million tonnes each year. The destination will operate with a zero-carbon footprint once fully operational. A PIF company and a key contributor to Vision 2030, AMAALA will establish new standards in luxury and wellness.