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Saudi Arabia’s Red Sea Development Company signs $ 2 billion worth of contracts to date
RIYADH: The Red Sea Development Company (TRSDC), which is behind the Kingdom’s flagship international tourism project, has signed contracts worth SR 7.5 billion (US $ 2 billion) to date, the Press Agency reported Saudi.
More than 70 percent of the total value of the contracts has been awarded to Saudi companies, highlighting TRSDC’s commitment to strengthening the local economy.
“This significant milestone underscores the scale of our project and the remarkable progress made in creating the destination of the future,” said TRSDC CEO John Pagano. “TRSDC is a contributing factor to the growth of Saudi Arabia’s economy and is playing a critical role in its Vision 2030 plan. I am honored to be able to showcase the incredible strides that our brilliant team and partners have made to bring our vision to life.” .
More than 500 contracts have been awarded to companies in 24 countries and work is underway on the project’s transport links. It includes the development of 80 kilometers of roads, highways and junctions to connect the destination and the new international airport.
A junction between Shurayrah Island, the main hub of the destination, and the mainland is being built, and several docks are also being built.
Saudi Amana Contracting has delivered the first volumetric pre-fab units, which were built in a newly established facility in the Kingdom.
These units will be part of the Coastal Village development, a new city that will house the 14,000 employees who will operate the destination once it is completed.
Construction Village, which will house 10,000 workers, is nearing completion and all of its cabins are being built off-site, delivered and assembled. The on-site landscaping nursery, which measures over a million square meters, is in operation and can produce more than 15 million plants.
Last July, TRSDC signed its largest contract to date for infrastructure works in the area of operations of the project’s international airport, which will 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 domestic construction sector.
