Red Sea Global Secures $1.5B for AMAALA Utilities

Red Sea Global has secured approximately US$1.5 billion — equivalent to about SAR 5.625 billion — to fund the multi-utility infrastructure that will power AMAALA, the luxury destination on Saudi Arabia's northwestern Red Sea coast in the Tabuk region. The financing reached financial close on October 31, 2024.

The funding supports a wide scope of work covering the financing, engineering, development, construction, operation, maintenance, and eventual transfer of the utilities serving the destination. Key components include renewable-energy generation, battery storage, desalination, wastewater treatment, and district cooling.

The infrastructure will be delivered under a 25-year multi-utility concession that was awarded in September 2023, with an option to extend. The concession is being carried out by a consortium led by EDF Group and Masdar, alongside Korea East-West Power and SUEZ. Financing came from a group of banks including First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank, and Alinma Bank.

Why it matters

AMAALA is one of the flagship developments taking shape along the Red Sea coast, and its reliance on renewable-energy generation and battery storage reflects the wider push toward sustainable tourism infrastructure in the Kingdom. Delivering water, cooling, and clean power through a single long-term concession is intended to keep the destination running efficiently once it opens to visitors.

This announcement concerns a project investment only. It is not a government fee, visitor charge, visa fee, or service price, and no application steps or public visitor pricing are connected to it.

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