Saudi Arabian developer Red Sea Global has signed a 25-year concession agreement with France’s EDF and United Arab Emirates’ Masdar to establish its ultra-luxury resort destination AMAALA on the northwestern coast, according to a joint statement.
AMAALA new facility will have the capacity to generate up to 410,000 MWh annually, to power 10,000 households for an entire year, Red Sea Global, EDF, and Masdar said.
The system will provide a battery energy storage solution that enables 24/7 electricity, plus a desalination plant and wastewater treatment plant, according to the statement.
The tourism destination will have a zero-carbon footprint once operational as it is powered by solar energy.
The Red Sea Global was created in 2021 by merging two government-owned developers: the Red Sea Development Company and Amaala, it is owned by the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF).
The project is part of the kingdom’s Vision 2030 to diversify its economy.
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