Red Sea Global secures US$1.73 billion for Amaala ahead of opening

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Render of Amaala destination

Red Sea Global (RSG) has secured SAR6.5 billion (US$1.73 billion) in financing to advance the development of Amaala, its luxury wellness destination on Saudi Arabia’s northwest Red Sea coast, ahead of its opening in the fourth quarter of 2025.

The financing arrangement, established through a partnership with Riyad Bank, The Saudi Investment Bank and Bank Albilad, combines conventional and Islamic facilities under RSG’s Green Loan Framework.

It marks the third collaboration between RSG and Riyad Bank, building on their 2021 green loan facility and a separate SAR2 billion debt financing for the Four Seasons Resort on Shura Island, also due to open later this year.

The Amaala project is expected to contribute SAR11 billion (US$3 billion) to the national GDP and create up to 50,000 jobs upon full completion, with 29 hotels and 1,200 residences.

Render of resort in Red Sea Global's Amaala destination

Amaala to open in fourth quarter of 2025

Set within the Prince Mohammed bin Salman Royal Reserve, Amaala stretches across 68km of coastline between the Hijaz mountains and the Red Sea.

Phase one, set to welcome guests later this year, features eight resorts with 1,200 keys and 200 residences. On completion, the destination will comprise 29 luxury hotels with 3,800 rooms and 1,200 residences.

Highlights include the world’s first Clinique La Prairie resort outside Switzerland, the global debut of Mykonos brand Nammos, and properties by Four Seasons, Ritz-Carlton, Six Senses and Rosewood.

Facilities will include The Marina Village, Amaala Yacht Club, the Corallium Marine Life Institute, championship golf courses and premium wellness, dining and retail experiences with tailored wellbeing programmes.

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Aligned with RSG’s sustainability goals, Amaala will operate entirely on renewable energy and deliver a 30% net conservation benefit to local ecosystems by 2040.

To safeguard its environment, the destination will accommodate no more than 500,000 visitors annually.

Since securing its first green finance deal four years ago, RSG has delivered nine hotels at The Red Sea destination and in addition to Amaala is preparing to open 11 hotels, residences and high-end retail and F&B experiences across Shura Island.

John Pagano, Group CEO of Red Sea Global, said the latest financing underscores strong investor confidence.

“We have demonstrated that we are a developer who delivers, and we’re proud our financing partners once again show faith by supporting Amaala as it prepares to open,” he said.

For more information, visit redseaglobal.com