Amaala infrastructure project financing closes at $1 billion

The Red Sea Development Company (TRSDC) today completed the financial close of the multi-utility infrastructure development project at Amaala, at a total cost of approximately $1.5 billion, through a consortium led by EDF Group and Abu Dhabi Future Energy Company (Masdar) and including Korea’s East West Power (EWB) and Suez.

The deal was supported by local and international financial institutions, including First Abu Dhabi Bank, Emirates NBD, Riyad Bank, National Commercial Bank and Alinma Bank.

Amaala, located in the Tabuk region of northwestern Saudi Arabia, is expected to be a luxury health destination, developed by the Red Sea International Company on the Red Sea coast in Saudi Arabia.

AMAALA is expected to begin welcoming guests in 2025, while the completion of the deal comes after the consortium signed an agreement with The Red Sea Development Company in 2023, under which it obtained a 25-year concession to develop the multi-facility infrastructure, with the possibility of extending the contract, to include the financing, engineering, development, operation, maintenance and transfer of the multi-facility infrastructure facility, to provide the necessary services for the destination.

The new facility consists of an enhanced renewable energy system independent of the national electricity grid, a 250 MW photovoltaic solar power plant to provide electricity, a 700 MWh battery system for energy storage, transmission and distribution lines, in addition to a water desalination plant that produces 37 million liters of drinking water per day, and wastewater treatment plants, to provide the required base loads around the clock