Saudi Arabia’s Red Sea Global inks deal with France’s EDF and UAE’s Masdar for Amaala

Saudi Arabian developer Red Sea Global has entered into a 25-year concession agreement with France’s EDF and United Arab Emirates’ Masdar to service its ultra-luxury resort destination AMAALA on the northwestern coast.

For the latest headlines, follow our Google News channel online or via the app.
The new facility will have the capacity to generate up to 410,000 MWh per annum, enough to power 10,000 households for an entire year, Red Sea Global, EDF and Masdar said in a joint statement on Monday.
The system includes a battery energy storage solution that enables 24/7 power, plus a desalination plant and wastewater treatment plant, the statement added.
AMAALA is a 4,155 square kilometers ultra-luxury development featuring hotels, residential properties, marinas, and a yacht club.
Entirely powered by solar energy, the tourism destination will have a zero-carbon footprint once operational.
Red Sea Global is owned by the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF). It was created in 2021 by merging two government owned developers, the Red Sea Development Company and Amaala.
Projects like AMAALA are part of the kingdom’s Vision 2030, an effort to diversify and wean the world’s top crude exporter off oil revenues.

Read more:

Saudi Arabia, US sign MoU for corridor linking Asia, Gulf, Europe: Everything to know

Saudi Arabia and US sign MoU for intercontinental green corridors

Saudi Crown Prince MBS, Ukraine’s Zelenskyy discuss Russian war in call ahead of G20