Red Sea 'to award $268m contracts a month'

The Red Sea Development Company (TRSDC) will award SR1 billion ($267 million) worth of contracts a month as it moves to the next phase, a report quoting Chief Administrative Officer Ahmed Darwish has said.

The contracts will cover resorts, villas and hotels, an Arab News report quoting CNBC Arabia said.

Until now, the company has been focused on infrastructure and related equipment, which make up most of its completed projects, he said.

TRSDC, wholly owned by Saudi Arabia’s Public Investment Fund, is building the Red Sea Project, a 28,000-sq-km sustainable tourism resort. It features more than 90 islands along Saudi Arabia’s west coast. 

Set to be completed by 2030, it will consist of 50 hotels with 8,000 rooms and 1,300 residential properties. The first phase of 16 hotels across five islands and two inland sites will begin opening in late 2022. The destination will also include luxury marinas, golf courses and recreation facilities.

Source: http://www.tradearabia.com/news/CONS_386278.html