Red Sea Development allocates SAR 10 bln for the project's first phase

Saudi Arabia’s Red Sea Development Co. has allocated more than SAR 10 billion to developing, operating and managing the Red Sea project's first phase, Al Arabiya.net has reported, citing Ahmed Darwish, Red Sea Development's Chief of Staff.

"Infrastructure is being laid out, more contracts to follow over the next few months," said Darwish.

In February, Red Sea Development, a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF), said construction works started in the project's phase one.  

In January, the company’s board of directors approved the masterplan of the Red Sea Project, Argaam reported.

Saudi Arabia planned to develop resorts on 50 islands off the Red Sea coast backed by the Saudi sovereign wealth fund, the Public Investment Fund. The Red Sea Project, to be built between the cities of Amlaj and al-Jawh, will offer a nature reserve, diving in coral reefs and heritage sites.