عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
20
TT

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.

Most Viewed

 
Business

IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
TT
20
TT

IMF Policy Committee Underscores Trade Risks to Global Economy, Commits to Fund’s Role

International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)
International Monetary Fund (IMF) Managing Director Kristalina Georgieva, right, and International Monetary and Financial Committee (IMFC) chair Saudi Arabia's Finance Minister Mohammed Al-Jadaan speak during a news conference after the International Monetary and Financial Committee (IMFC) meeting, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Friday, April 25, 2025. (AP)

International Monetary Fund member countries said on Friday that rising trade tensions were sapping growth and fueling uncertainty as well as market and financial stability risks, but reaffirmed their commitment to the institution as critical to helping countries navigate a difficult environment.

In a chair's statement, the IMF's steering committee also reaffirmed prior foreign exchange commitments and voiced support for a realignment of quotas, or shareholding, that better reflects countries' positions in the global economy.

"The world economy is at a pivotal juncture," the International Monetary and Financial Committee (IMFC) said in a statement as the spring meetings of the IMF and World Bank drew to a close. "Following several years of rising concerns over trade, trade tensions have abruptly soared, fueling elevated uncertainty, market volatility, and risks to growth and financial stability."

The message comes at the end of a tense week for policymakers and investors anxious about US President Donald Trump's moves to upend global trade and his commitment to international institutions.

The IMF on Tuesday slashed its economic forecasts for the US, China and most countries, citing the impact of US tariffs now at 100-year highs and warning that rising trade strife would further slow growth. It forecast global growth of 2.8% for 2025, down half a percentage point from its January forecast.

Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee (IMFC), said the Fund must continue to focus on its core mandates, including expanding trade and growth.

"Addressing global debt vulnerabilities remains a priority for our members, especially for low-income and vulnerable countries," Al-Jadaan told a news conference in Washington.

IMF Managing Director Kristalina Georgieva acknowledged that the raft of current geopolitical flare-ups, especially Trump's push to redesign world trade with a barrage of tariffs, had distracted from discussions about other pressing challenges, including artificial intelligence, in public and behind closed doors.

She said it was encouraging that members had been able to engage in open conversations and share their views "in a fair space," but said she didn't want to minimize the discord.

"I don't want to sugarcoat - we still have quite a challenging time," she said at the news briefing.

Gathering members to talk about Syria had also given a new sense of urgency and purpose to turning a place of conflict into a stable and economically successful country benefiting the region and the world, Al-Jadaan said.

"It is not just about the money, it's about the work that I and other partners can deliver and capacity development, quality data and timely advice."

Al-Jadaan said trade had been the overriding concern during the meetings but he remained optimistic that solutions could be found after a week of candid and frank discussions.

"Actually today, we are holding in a lot better position than when we started the week. People understand the consequences and are working together in a constructive way to resolve tensions," he said.