Red Sea Global signs
agreement with France’s EDF and UAE’s Masdar for Amaala
In a significant development, Saudi Arabian developer Red Sea Global has forged a 25-year concession agreement with France's EDF and the United Arab Emirates' Masdar to provide services for its ultra-luxury resort destination, AMAALA, situated on the northwestern coast.
As detailed in a joint
statement by Red Sea Global, EDF, and Masdar, the new facility will possess the
capacity to generate up to 410,000 megawatt-hours (MWh) annually, which is
sufficient to power 10,000 households for an entire year. Notably, this system
incorporates a battery energy storage solution that ensures round-the-clock
power availability, along with a desalination plant and a wastewater treatment
facility.
Red
Sea Global forms partnership with World Travel & Tourism Council
AMAALA is an expansive
ultra-luxury development spanning 4,155 square kilometers, encompassing hotels,
residential properties, marinas, and a yacht club. This remarkable tourism
destination will operate entirely on solar energy, ultimately achieving a
zero-carbon footprint.
Significant
progress witnessed at Red Sea Global's Amaala Project
It's worth noting that
Red Sea Global is owned by the kingdom's sovereign wealth fund, the Public
Investment Fund (PIF). The company was established in 2021 through the merger
of two government-owned developers, the Red Sea Development Company and Amaala.
Projects of this
caliber, such as AMAALA, are integral components of Saudi Arabia's Vision 2030
initiative. This ambitious effort aims to diversify the economy and reduce the
nation's dependence on oil revenues, signaling a forward-looking approach to
sustainability and economic development.
Source: https://english.alarabiya.net/
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