Red Sea Global Announces Completion of Solar Stations in 1st Phase of Infrastructure Project

Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
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Red Sea Global Announces Completion of Solar Stations in 1st Phase of Infrastructure Project

Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat

Red Sea Global has announced the installation of 750,000 solar panels and five solar stations dedicated to the operation of the first phase of the “Red Sea Project,” which consists of 16 hotels, retail, and entertainment venues, and supporting infrastructure facilities to be powered entirely by renewable energy.
John Pagano, the CEO of Red Sea Global, explained that since the beginning, the company has been committed to adopting a different approach in its operations and projects.

Its development of the world’s largest tourism destination that is fully powered by renewable energy falls within such commitment, he said.

Pagano added that the installation of electroluminescent (EL) panels at the five solar stations had been completed as part of the first phase of the Red Sea Project, and the complete independence of the mega venture from the national grid makes it not only the largest but also the first of its kind in the world.

One of the solar stations is located near the Six Senses Southern Dunes, the Red Sea Resort, and Spa, the first solar-powered resort and hotel to be inaugurated of the 16 hotels of the first phase of the Red Sea Project.

Two solar stations are located near the Desert Rock mountain resort and the Sheybarah Resort on Sheybarah Island. Two other solar stations of larger capacity will power the remaining resorts and the 15 beach villas in the Turtle Bay Village.

Red Sea Global is also implementing the world’s largest battery storage facility at a capacity of 1,200MWh, which will enable the mega tourism project to achieve 100% grid independence, all within the commitment of the company in sustainability and development and to contributing to realizing the targets of the Saudi Vision 20230.

All vehicles transporting visitors of the Red Sea Tourism Project will be fully powered by solar energy, starting with their arrival at the Red Sea International Airport and continuing through their movements within the sites and between the nearby islands.

Red Sea Global is also investing in human capital. It has provided vocational training scholarships to 500 people in cooperation with the Human Resources Development Fund, of which 50 people have received training in renewables. Providing specialized training to a total of 10,000 Saudi citizens by 2030 is the target of the company.



$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.