Islamic Lifestyle

Saudi PIF-owned Amaala awards almost $1bn in contracts

Published 22 Sep,2021 via Arab News - Economy RIYADH - Saudi sovereign fund's Amaala announced that it has awarded more than 230 contracts with a total value of SR3.6 billion ($959.8 million) to local and international companies, Al Eqtisadiah reported.

Around 78 percent of the contracts were awarded to Saudi companies as part of their commitment to megaprojects Saudi Vision 2030 and contributing to the Saudi economy, the company said in a tweet.

The Amaala project, launched by the Public Investment Fund (PIF), is an ultra-luxury tourist destination on the Red Sea coast with a completely new concept of luxury tourism centered around convalescence, health and treatment.

The PIF announced on Tuesday it is combining its Red Sea Development Co. (TRSDC) and Amaala in a deal where TRDC will be taking over Amaala, as the Kingdom goes ahead with ambitious tourism goals.

"The tourist destinations they are developing will retain “separate, distinct” identities", Chief Executive Officer John Pagano told Arab News on Tuesday.

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