Amaala project, an ultra-luxury objective along Saudi Arabia’s northwestern coast, could raise up to 10 billion riyals in 2022, as indicated by its CEO John Pagano, who addressed Bloomberg uninvolved of Arabian Travel Market in Dubai.
“The numbers haven’t yet been finalized, with the amount of debt likely to be in the range of $5-10 billion,” Bloomberg reported citing Pagano.
The project is in accordance with the kingdom’s Vision 2030, which intends to decrease the country’s reliance on oil and develop public service areas like health, training, infrastructure, recreation, and the travel industry.
Pagano was appointed as CEO of Amaala in January 2021. He is also the CEO of The Red Sea Development Co (TRSDC), another luxury project developer.
The 4,155 square kilometers all-year objective will incorporate 2,800 hotel keys and in excess of 900 private residential villas, apartments, and estate homes, close by 200 high-end retail establishments, fine dining, wellness, and recreational facilities.
A month ago, TRSDC had raised a 14.12 billion-riyal ($3.77 billion) ‘green’ loan from four Saudi banks for 16 new hotels.
Amaala and The Red Sea Projects, both completely supported by the PIF, are complementary in nature and are solidly dedicated to delivering through on luxury tourism ambition, just as ensuring and effectively improving the country’s regular environment.