The Red Sea Development Company celebrates signing SAR 7.5 billion worth of contracts
The Red Sea Development Company (TRSDC), the developer behind Saudi Arabia’s flagship international regenerative tourism initiative The Red Sea Project, announced that it has awarded more than 500 contracts to international and local firms to date.
Collectively worth around SAR 7.5 billion ($2bn), these include awards for the design, build and operation of accommodation and facilities at the destination.
“This significant landmark underscores the scale of our project and the remarkable progress made to create the destination of the future. TRSDC is a contributing factor to the growth of the Saudi Arabian economy and is playing a pivotal role in its Vision 2030 plan. I am honoured to be able to showcase the incredible advances our brilliant team and partners have achieved towards making our vision a reality,” says John Pagano, CEO of TRSDC.
Since the company’s inception in 2017, over 70 percent of the total value of contracts has been awarded to Saudi firms, highlighting TRSDC’s commitment to strengthening the local economy. Overall, more than 500 contracts have been awarded to companies from 24 countries.
In July this year, TRSDC signed its largest contract to date for airside infrastructure works for the destination’s international airport, set to open in 2022.
The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. The remaining 12 hotels scheduled for completion in Phase One will open in 2023, delivering a total of 3,000 rooms across five islands and two inland resorts.