Saudi PIF said to evaluate contractors for Red Sea project

Saudi Arabia’s Public Investment Fund (PIF) is evaluating prequalification entries from contractors for its Red Sea tourism megaproject, after companies submitted documents in October, MEED reported, citing unnamed sources close to the project.

Contracts to be tendered will include construction deals for hotels and major buildings, along with infrastructure works.

Currently, Netherlands-based Arcadis has won the contract to provide program management services for the Red Sea project, sources close to the scheme said.

Saudi Arabia’s Crown Prince Mohammed bin Salman launched the Red Sea project, a 30,000 square kilometer coastline tourism plan, in August this year.

Under the project, 50 islands between the cities of Umluj and Al Wajh will be developed, with the aim to bolster tourism and attract investments.

No budgets for the project have been revealed yet.

The first phase is expected to be launched in the third quarter of 2019, and will include the development of an airport and a marina, luxurious hotels and residential units, the infrastructure and transportation services. It is expected to be completed by the Q4 2022.