AMAALA Multi-Utilities Infrastructure Secures $1.5B Financial Close, Paving the Way for 100% Renewable Luxury Tourism in Saudi Arabia

In a landmark development for sustainable tourism, the consortium led by EDF Group and Masdar, alongside Korea East-West Power Co. (EWP) and SUEZ, has achieved financial close for the multi-utilities infrastructure project at AMAALA, a wellness-focused luxury destination on Saudi Arabia’s Red Sea coast. The project, developed by Red Sea Global, carries a build cost of approximately $1.5 billion and is set to welcome guests in 2025.

This significant financial milestone was reached through collaboration with a blend of local and global financial institutions, including First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank. The project underscores the consortium’s commitment to delivering unmatched luxury while prioritizing environmental sustainability and cultural integrity.

Following a 25-year concession agreement granted by Red Sea Global in September 2023, the consortium will handle all aspects of the facility’s lifecycle—from financing, engineering, and construction to operations, maintenance, and eventual transfer. The infrastructure will be powered by a 250 MW solar photovoltaic park paired with a 700 MWh battery storage system, providing 100% renewable, off-grid energy. Additionally, it will feature a desalination plant capable of producing 37 million liters of drinking water daily and advanced wastewater treatment facilities.

The environmentally conscious project is designed to prevent nearly 350,000 tons of CO2 emissions annually, setting a new benchmark for renewable energy integration in luxury tourism. EDF Group Vice-President Beatrice Buffon emphasized the achievement, stating, “This unique large-scale off-grid system will deliver carbon-free electricity and uninterrupted water access, setting new standards for the EDF Group and serving as a model for other geographies.”

Masdar Chief Executive Mohamed Jameel Al Ramahi highlighted the alignment of the project with Saudi Arabia’s Vision 2030, which aims to position the Kingdom as a leader in sustainable tourism. “With our combined expertise, we look forward to implementing this infrastructure that will power AMAALA’s vision and support Saudi Arabia’s luxury tourism aspirations,” he said.

EWP CEO Kim Young-Moon noted the project’s impact on local economic growth and innovation in renewable energy, while SUEZ’s Executive Vice-President Pierre Pauliac emphasized SUEZ’s role in developing state-of-the-art water utilities, including a desalination plant and wastewater treatment facilities that will support AMAALA’s sustainability goals.

AMAALA, projected to offer a net conservation benefit of 30% by 2040, aims to rejuvenate local ecosystems, fostering biodiversity through the enhancement of mangroves, seagrass, corals, and land vegetation. The destination will ultimately house 4,000 hotel rooms, 1,200 residential units, and a sustainable community for over 15,000 residents and workers.With its first phase scheduled to open in 2025, AMAALA represents a pioneering step in eco-friendly luxury tourism, promising an experience powered entirely by renewable energy, day and night.