Red Sea Global closes $1.5bn AMAALA utilities deal

Red Sea Global announced on 23 September 2026 that it had reached financial close on the infrastructure project for AMAALA, a tourism destination in northwestern Saudi Arabia. The total build cost is approximately US$1.5 billion, equivalent to about SAR 5.625 billion at the fixed exchange rate of SAR 3.75

The financing supports a multi-utilities facility that will cover renewable power generation, battery storage, desalination, wastewater treatment, and related infrastructure. The facility is being developed under a 25-year concession agreement spanning financing, design, construction, operation, maintenance, and transfer.

The project is being delivered by a consortium made up of EDF Group, Masdar, Korea East-West Power Company, and SUEZ. Participating financial institutions include First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank, and Alinma Bank.

Why it matters

The agreement channels utilities such as clean power and water directly into one of the country's flagship tourism developments, reinforcing the long-term build-out of the destination. It follows a separate SAR 6.5 billion green financing facility for AMAALA reported in October 2025, which is distinct from this multi-utilities infrastructure project.

This announcement concerns infrastructure construction only. It does not relate to visitor tickets, government fees, visas, or accommodation prices, and no official visitor-entry fees, venue prices, operating schedules, or public booking channels for AMAALA were identified in the available information. No Absher, Muqeem, Qiwa, Najiz, Nafath, or Tawakkalna procedure is required in connection with this corporate announcement.

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