Red Sea Development inks SAR 7.5 bln contracts so far

The Red Sea Development Company (TRSDC) has so far signed more than 500 contracts with local and international firms at a total value of SAR 7.5 billion, the Saudi Press Agency (SPA) reported, citing the company’s CEO, John Pagano.
  

The signed contracts are distributed among companies across 24 countries, including design, construction, and operational contracts for luxury residential units and other facilities in the Red Sea project.
  

Pagano highlighted that Saudi companies have received more than 70% of the total value of TRSDC’s awarded contracts since its inception in 2017.
  

He pointed out that work continues on the Red Sea project to develop an 80 km road network, to link the destination areas through highways and intersections, in addition to the groundworks for the new international airport.
  

The company stated that the first batch of prefabricated units built in Rabigh city’s factories has been delivered.
  

These prefabricated units will be installed in the city of employees, as it will accommodate about 14,000 employees, who will work to operate the destination upon completion.
  

By the end of 2020, contracts will be awarded to construct the airport's ground infrastructure, operate the airport, water desalination, waste treatment, and cooling. 

The contracts will also include a package of utilities for public and private partnerships (PPP), which will 100% depend on renewable energy.
  

TRSDC indicated that the total value of these contracts amounted to about SAR 15 billion.
  

In mid-July 2020, Red Sea Development announced a joint venture between Saudi-based Nesma & Partners Contracting Co. Ltd and Almabani General Contractors has won the airside infrastructure works contract for the mega Red Sea tourism project’s international airport.