Significant Progress Announced in Development of Saudi AMAALA Luxury Tourism Destination

Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)
Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)
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Significant Progress Announced in Development of Saudi AMAALA Luxury Tourism Destination

Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)
Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection to nature, to self, and to community. (SPA)

Saudi Arabia’s Red Sea Global (RSG), the developer behind the regenerative tourism destinations AMAALA and The Red Sea, said on Sunday it continues to make substantial progress in the ongoing development of AMAALA – a new luxury destination with wellness at its core, that empowers people to live longer, better lives.

Inspired by the purity of the Red Sea, AMAALA is redefining the coastal lifestyle with spaces designed for deep connection—to nature, to self, and to community. From medical and integrative wellness and sun-drenched adventure to world-class art and transformative events, AMAALA seamlessly integrates meaningful spaces for people and the planet to flourish, said RSG in a statement.

“We have achieved remarkable progress across every aspect of AMAALA, from our signature resorts and immersive experiences to essential utilities and infrastructure. Our unwavering focus is on infusing sustainability and regenerative principles into every facet of development,” said RSG Group CEO John Pagano.

“Once complete, AMAALA will present an extraordinary collection of assets and experiences that will elevate wellness, lifestyle, and human connection," he added.

To date, RSG has awarded over 600 contracts on AMAALA worth nearly SAR23 billion ($6.13bn) to world-leading partners. These partners share RSG's ambition to co-create luxury and wellness destinations that are developed in line with responsible development practices, prioritizing regenerative initiatives and collaboration with local communities.

As development advances, a number of key areas of AMAALA are moving toward completion, each one bringing the destination closer to welcoming guests.

At Triple Bay Marina Village, the Equinox Resort is now topped out, and concrete structure work on the Village Boutique Hotel's main building, condos and villas is nearing completion. This bustling hub will soon offer guests a haven of scenic boardwalks, waterfront restaurants, luxurious boutiques and well-known retailers, plus a vibrant year-round events program, all set against the breathtaking backdrop of the Red Sea.

At the Marina: flooding of the marina basin was complete at the end of 2023, and contracts for the floating pontoons and fixed decks have been awarded as RSG begins putting the final touches on this stunning central feature.

At AMAALA Yacht Club, all construction contracts have been awarded, concrete works are close to completion, and structural steel and MEP works have been started.

At Wellness Core, superstructures are present on 80% of the 220 buildings within this zone. Including world-leading wellness resorts such as Jayasom and Clinique La Prairie, guests here will discover an environment where they can focus on mental, physical, and energetic regeneration.

In another significant development, the Ministry of Health, earlier this year, approved the design of the AMAALA Hospital. The hospital will provide healthcare services for residents and visitors to the 4,200 km2 destination.

Once complete, AMAALA will feature close to 4,000 hotel rooms across 30 hotels as well as 1,200 luxury villas, apartments, and estate homes. It will also be supported by high-end retail, fine dining, wellness, and recreational facilities. AMAALA will be powered entirely by solar energy, saving the equivalent of nearly half a million tons of CO2 emissions every year.



DMDF 2024 Explores Dynamics of Saudi Financial Market

A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
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DMDF 2024 Explores Dynamics of Saudi Financial Market

A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)

The Debt Markets and Financial Derivatives Forum (DMDF 2024), set to launch on Sunday in Riyadh, will focus on key principles aimed at exploring the dynamics of the Saudi financial market.
Organized by the Financial Academy, the forum will be held under the patronage of Mohammed El-Kuwaiz, Chairman of the Capital Market Authority and the Board of Trustees of the Financial Academy, with the participation of industry leaders, experts, and specialists from the financial securities sector.
The forum will examine emerging trends and insights from experts and CEOs in the financial sector, contributing to the mission of the Financial Academy, which aims to leverage its resources to provide high-level specialized services that align with Saudi Arabia’s Vision 2030.
Mana bin Mohammed Al-Khamsan, CEO of the Financial Academy, told Asharq Al-Awsat that the forum comes in parallel with the Kingdom’s ongoing advancements, driven by Vision 2030, which seeks to achieve exceptional results across all areas, particularly the economic sector, a cornerstone of the country’s development.
Key Focus Areas
According to Al-Khamsan, the forum will address several major topics in the financial sector, including strategic partnerships with local and international exchanges, such as collaborations with the Saudi Tadawul Group and the Chicago Mercantile Exchange. It will also include partnerships with renowned international organizations like the CFA Institute and the International Capital Market Association (ICMA).
He added that a central focus will be on the debt and derivatives markets, which are expected to experience significant growth in the near future due to recent legal and regulatory reforms. These markets will play a crucial role in diversifying financing sources and improving liquidity.
The CEO of the Financial Academy also noted that the debt and derivatives markets in Saudi Arabia are experiencing rapid growth, and are expected to play a vital role in expanding funding sources and enhancing liquidity over the next few years.
Additionally, the official anticipated a rise in foreign investments in the Saudi financial market due to an improved regulatory environment and increased confidence among international investors.
Future Outlook
According to Al-Khamsan, the forum will shed light on these transformations through panel discussions and dialogues centered on future trends and challenges facing these markets. It will also present innovative solutions to keep pace with global financial market developments.
The forum aims to deliver measurable outcomes by tracking the impact of the Financial Academy’s initiatives on career development within the sector and fostering the principles of continuous professional training across the Kingdom’s financial industry, he underlined.
Al-Khamsan continued that the forum seeks to raise awareness and facilitate the exchange of expertise on modern financial instruments and risk management, while solidifying Saudi Arabia’s position as a leading investment destination regionally and globally. This will be achieved through collaboration with prestigious local and international entities such as the Saudi Tadawul Group, the Chicago Mercantile Exchange, and the CFA Institute.