We want to be the top wellness hub in the world: TRSDC's official

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A general view of AMAALA's Triple Bay project. (Supplied)
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A general view of AMAALA's Triple Bay project. (Supplied)
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A general view of AMAALA's Triple Bay project. (Supplied)
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Updated 15 May 2022
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We want to be the top wellness hub in the world: TRSDC's official

  • There is a huge scope for digital destinations for both projects, both will absolutely be smart cities, says official

DUBAI: In a bid to become a global wellness hub, AMAALA has merged under the aegis of The Red Sea Development Co. with tourism plans of its own.

“AMAALA is all about wellness, ultra-luxury hospitality and caters to a different segment than the rest of the development along the Red Sea,” Ahmed Ghazi Darwish, the chief administrative officer at TRSDC and AMAALA, told Arab News on the sidelines of the Arabian Travel Market. “We want to be the top wellness hub in the world.”

The first phase of the ambitious project will be complete by the end of 2024, which will include SR5 billion ($1.3 billion) worth of signed contracts. The luxury destination has also emphasized localization of the projects, with 78 percent of the contracts granted to Saudi contractors. The undertaking will develop nine resorts by the end of 2024.

Tech has been integrated in the plans, with an aim to make The Red Sea Project and AMAALA fully functioning smart cities.

“There is a huge scope for digital destinations for both Red Sea and AMAALA projects, both will absolutely be smart cities,” said Darwish. “We are working on getting sensors for the environment to monitor our impact and help us get the right data. At the same time, we will heavily rely on tech for a smoother customer journey.”

While TRSDC is responsible for developing both projects, AMAALA will focus on wellness. The sovereign wealth fund, PIF, wholly owns both mega-tourism projects.

 

Therapeutic strategy

The development holds a lot of promise in light of the 2021 Global Wellness Economy report, which has projected an annual growth rate of 21 per cent from 2020 to 2025. The report also highlighted that wellness travel is predicted to outpace all other sectors of the overall wellness economy.

“The topography of AMAALA is different from the rest of the Red Sea; there are mountains next to the sea and one island,” said Darwish.

“We are starting at base zero for tourism, so it’s a clean slate. We want to focus on the sustainability of regenerative tourism. Beyond green practices, we want to be a regenerative tourism hotspot and have a better impact on the place than when we started.”

The Red Sea Project aims to draw tourists and visitors worldwide. But to do that, certain conditions need to be met, including new social standards and flexible laws.




Boating by the Triple Bay's serene, blue waters is among the attractions being envisioned for the AMAALA wellness project. (Supplied)

The Red Sea Project

“We are working on special economic zones for these projects, on tourism regulations to allow these destinations to be successful,” said Darwish. “This is still in progress and we are trying to get that ready for the first phase of guests. We are working hand-in-hand with the government, tourism board, and several agencies.”

So far, AMAALA has 500 employees and plans for another 300 to come on board by the end of the year.

“The beauty of those projects, the most critical thing, is we are creating jobs, and not just in hospitality, but electricians, tour guides, ground handlers and more,” said Darwish.

 

Classroom in session

TRSDC also runs a program called the Elite Graduate Program that identifies talented youth and offers opportunities to learn on the job for both projects.

A total of 110 fresh graduates have successfully completed the program and will soon be yielding to the increasing demand from hiring managers and employers.

TRSDC partnered with the University of Prince Mugrin to offer 120 scholarships for students studying hospitality ahead of the imminent tourism boom in the Kingdom. The degree is accredited by the prestigious Ecole Hoteliere de Lausanne.




Ahmed Ghazi Darwish. (Supplied)

“It’s an outstanding program. We have set the bar high, and students are already representing us in conferences,” said Darwish. “Besides the bachelor’s degree, we offer vocational training on everything from electrical to ground handling at the airport.”

The company has also funded an Environmental Stewards program to spread awareness of green practices.

“Part of it is about improving the environment, nature and habitat. The rest is about improving the livelihood of people through better education and training,” he said. “We are providing jobs and creating awareness about the environment in the community.”


PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

Updated 27 February 2026
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PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.

According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.

Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries. 

The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.

AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.

AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.

Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”

He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”

Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.

AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance. 

Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.