Saudi Arabia’s Red Sea Development Company signs $2bn worth of contracts to date

RIYADH: The Red Sea Development Company (TRSDC), which is behind the Kingdom’s flagship international tourism project, has signed SR7.5 billion ($2 billion) worth of contracts to date, the Saudi Press Agency reported.

More than 70 percent of the contracts’ total value has been awarded to Saudi firms, highlighting TRSDC’s commitment to strengthening the local economy.

“This significant landmark underscores the scale of our project and the remarkable progress made to create the destination of the future,” said TRSDC CEO John Pagano. “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 honored to be able to showcase the incredible advances our brilliant team and partners have achieved towards making our vision a reality.”

More than 500 contracts have been awarded to companies from 24 countries, and work on the project’s transport links is underway. It includes developing 80 kilometers of roads, highways and junctions to connect the destination and the new international airport.

A crossing is being built between Shurayrah Island - the destination’s main hub - to the mainland and a number of jetties are also being built.

Saudi Amana Contracting has delivered the first volumetric prefabricated units, which were built in a newly established facility in the Kingdom.

These units will form part of the Coastal Village development, a new town housing the 14,000 staff who will operate the destination once it is completed.

Construction Village, which will be home to 10,000 workers, is nearing completion with all of its cabins being built off-site, delivered and assembled. The onsite landscape nursery, which measures more than a million square meters, is operational and can deliver in excess of 15 million plants.

Last July, TRSDC signed its largest contract to date for airside infrastructure works for the project’s international airport that is set to open in 2022.

It is a joint venture between two leading Saudi contractors, Nesma & Partners Contracting Co. Ltd and Almabani General Contractors, and demonstrates TRSDC’s commitment to creating opportunities within the national construction sector.