RIYADH: The Gulf Cooperation Council and Indonesia are set to begin the first round of negotiations for a free trade agreement in Jakarta, the Saudi Press Agency reported. 

The talks, being held from Sept. 9-13, aim to lay the groundwork for a comprehensive trade agreement, focusing on enhancing economic cooperation between the bloc and the Southeast Asia nation. 

Key areas of discussion will include trade in goods and services, investment, and customs procedures, as well as rules of origin, technical barriers, sanitary and phytosanitary measures, digital trade, and trade remedies. 

The initial round seeks to set the principles for the agreement and then finalize it within 24 months. The negotiations will also address trade challenges, facilitate information exchange, and build mutual trust to pave the way for further discussions. 

The discussions follow a joint statement signed in July by the GCC Secretariat and the Indonesian government, marking the formal start of the talks. 

The potential agreement is expected to grant Gulf goods and services preferential access to the Indonesian market through tariff reductions, simplified customs processes, and streamlined regulations. 

The Saudi delegation, led by the General Authority of Foreign Trade, includes representatives from the Ministries of Commerce, Energy, Investment, Environment, Water and Agriculture, and Industry and Mineral Resources. This team will ensure the negotiations align with Saudi trade objectives and policies. 

The Saudi team is tasked with supervising the negotiations to ensure they align with the Kingdom’s trade objectives and policies while coordinating with countries that share similar trade interests. 

This agreement is expected to strengthen economic ties between the GCC and Indonesia by creating new opportunities for trade and investment. 

JEDDAH: Saudi developer Red Sea Global has awarded over 600 contracts worth SR23 billion ($6.13 billion) to global partners for the AMAALA project, aiming to welcome its first guests by 2025. 

The company, owned by Saudi Arabia’s Public Investment Fund, has partnered with firms including Al-Rawabi Hassan Allam, Shapoorji Pallonji Group, and DEPA Group, as well as Alec Engineering and Al-Ayuni Investment and Contracting Co., as part of its efforts to develop the luxury tourism destination on the Red Sea coast. 

RSG said these partners align with its vision to develop luxury and wellness destinations, focusing on responsible development practices, regenerative initiatives, and collaboration with local communities. 

John Pagano, group CEO at RSG, said: “We have achieved remarkable progress across every aspect of AMAALA, from our signature resorts and immersive experiences to essential utilities and infrastructure.” 

He added: “Our unwavering focus is on infusing sustainability and regenerative principles into every facet of the development.” 

The executive said that upon completion, AMAALA will offer a unique collection of assets and experiences to promote wellness, lifestyle, and human connection. 

The project, which emphasizes sustainability and regenerative development, is expected to feature nearly 4,000 hotel rooms across 30 hotels, luxury villas, apartments, and estate homes. 

AMAALA is a key component of Saudi Arabia’s broader push to diversify its economy, and the contracts include construction, infrastructure, and utilities for the destination. 

RSG has highlighted significant progress at key sites, including the Triple Bay Marina Village, where major structures, such as the Equinox Resort and Village Boutique Hotel, are nearing completion. 

The marina basin has also been filled, and construction is advancing on other major features, including the AMAALA Yacht Club and the Corallium Sea Marine Life Institute, the Tabuk-based company added. 

RSG’s capital spending features investments in the project’s wellness-focused offerings, including resorts like Jayasom and Clinique La Prairie, as well as several luxury hotels such as the Rosewood, Six Senses, and the Four Seasons, all set to open by 2025. 

The AMAALA project will be powered entirely by solar energy, aligning with Saudi Arabia’s environmental goals. 

RSG said that primary infrastructure works, including 35 kilometers of internal roads, power, water, irrigation, and communications systems, are nearing completion, with energization planned for December. 

The company also expects to plant 3 million trees and shrubs by year-end to enhance public spaces and landscaping. 

The Ministry of Health recently approved the design for the AMAALA Hospital, which will offer health care services to residents and visitors across the 4,200 sq. kilomeeter destination.