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FinancialNews


  • 11-09-22

    TRSDC’s AMAALA inks more than 300 deals valued at USD1.7B

    (MENAFN) Saudi Arabia’s ultra-luxury development venture AMAALA, which is being established by The Red Sea Development Co., has inked more than 300 deals valued at more than SR6.62 billion (USD1.7 billion) to date, as shown by a document.

    TRSDC showed that over 98 percent of the overall deals have been given to Saudi companies, which shows the firm’s determination to reinforce the regional economy.

    The document pointed out that deals valued at an extra SR6.1 billion (nearly USD1.6 billion) are right now out of tender through 54 offers.

    John Pagano, Group chief executive of TRSDC stated that “Surpassing 300 contract awards underscores the scale of this project and the significant progress being made as we press ahead with activity on the ground to bring our destination to life.”

    He also mentioned that “As we transform our regenerative commitments into concrete actions, the destination will undoubtedly be an important stepping stone to redefining tourism in the region and beyond.”

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