First phase cost of Red Sea project to exceed SAR 30 bln: CEO

21/06/2021 Argaam

John Pagano, CEO of Amaala and The Red Sea Development Co.

The first phase of the Red Sea project will cost more than SAR 30 billion, Al Saudiya TV reported, citing John Pagano, Chief Executive Officer (CEO) of Amaala and The Red Sea Development Co. (TRSDC).

 

The potential returns of the yield-generating project will come in line with risks, Pagano indicated.

 

“The project is proceeding as scheduled, as it will welcome the first guests by the end of 2022 in three resorts, while the remaining 13 resorts are scheduled for completion by 2023-end,” he noted.

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