AMAALA, the Saudi Arabian megaproject being developed on the Red Sea coastline and managed by The Red Sea Development Company, has announced that in the first quarter of the year it awarded nearly $266.6 million in contracts for Triple Bay, spanning infrastructure and asset works, as well as the recently announced contract for the Employee Village.

In an exclusive statement to staging.bigprojectme.com/, AMAALA said that the second quarter of the year would see a ramp up in operations, with an estimated $319.9 million set to be awarded. The developer added that around 70% of the total value awarded has gone to Saudi firms.

Furthermore, the RFP for the utilities PPP has already been issued to the market, so as to ensure that the development meets its sustainability ambitions, the developer said, highlighting that the resort will be off grid and powered solely by renewable energy, like the Red Sea Project.

“Phase One fof Triple Bay is on track to complete in 2024. It consists of eight resorts offering upwards of 1,300 hotel keys and 200 and will also feature a range of luxury F&B outlets, retail, and leisure facilities,” the statement said.

“Work is well underway on-site to progress enabling infrastructure, groundwork, and key assets with more than 1,000 workers already on site. More than 250 contracts have been awarded to date in excess of 5 billion riyals, with nearly $266.6 awarded in the first quarter of this year alone, as delivery of the project ramps up on site,” it concluded.