What effects will the Red Sea Development and AMAALA projects have on the wider residential market in Saudi Arabia?
Both The Red Sea Project and AMAALA will feature new residential offerings that will soon create an exceptional first opportunity to own property in the West Coast KSA giga-projects.
This is about the creation of a new luxury residential market in the Kingdom of Saudi Arabia, and these will be the most desirable villas and apartments in the region to purchase.
With iconic architecture, exceptional interior designs, sustainable building materials, state of the art technology and many with five-star hotel services, the residences will take the prime and super prime residential markets in the region to a new level of luxury and will create the ultimate lifestyle for those who buy into this offering.
How will the projects benefit and generate opportunities for local communities and KSA residents?
The projects are already creating several thousand jobs in construction, development, and hospitality per year. The local communities are benefitting from new employment opportunities, training in new skillsets, and significant investment into infrastructure and renewable energy.
There is also a major focus on sustainability, with investment going into healthcare and education facilities under KSA’s Vision 2030. The hope is that the local communities and residents will benefit from the projects being developed both now and for future generations to come.
Why do you believe that now is a good time to invest in Saudi Arabia?
Nowhere else in the world is witnessing as great a scale of development or investment into new projects and infrastructure as Saudi Arabia.
Due to the introduction of a new visa program, and the move from the planning stage to the implementation, delivery and construction of various giga-projects, the KSA tourism industry has now opened up.
The KSA has a desire and vison to be a world leader in the hospitality space, and in other sectors such as sustainability, finance, construction, and education, alongside creating new arts, sports, and wellness initiatives.
There are some exceptional opportunities for international firms to open and expand operations and conduct business in the region, making KSA a key growth market in many business sectors. The Kingdom is witnessing an incredible period and rate of development and over the next few years will mark a significant increase in new businesses and opportunities.
To what extent do you believe that the Red Sea and AMAALA projects will encourage investment into other sectors of Saudi Arabia’s economy? Where would you foresee this investment landing?
The Red Sea Project and AMAALA will benefit many areas of the KSA economy and will encourage investment into several business sectors. Notably, there are significant investments underway in sustainability initiatives, tourism, hospitality, education, F&B, retail, arts & culture, leisure, healthcare, yachting and sports.
Not only the project sites, but many areas of the Kingdom are witnessing a positive rejuvenation of their local economies and increased access to new leisure facilities. Looking to boost job creation and improve residents’ livelihoods, many locations throughout the country will benefit from the initiatives that are currently underway.
You outlined a host of impressive features of the Red Sea project including an immersive airport, one of the world’s largest stretches of coral reef, and a series of ultra-luxury hotels. What elements of the project are you most excited about personally?
There are many components and impressive features at The Red Sea Project and AMAALA but for me the most exciting part is the residential sales offering which is due to launch shortly. A totally unique residential offering will be coming to the market. The demand is very high locally and internationally for what is a highly limited supply of luxury homes in a unique location with top-range services and facilities.
photo credits: https://www.theredsea.sa/en
