The Red Sea Development Company (TRSDC) has said that it will award $267 million worth of contracts a month, until the end of Q1 2022, as it moves into its next phase of development.
Speaking to CNBC Arabia, TRSDC’s chief administrative officer, Ahmed Darwish, said that the contracts will cover resorts, villas and hotels. To date, the developer has been focused on infrastructure and related equipment, which make up most of its completed projects, he added.
Wholly owned by Saudi Arabia’s Public Investment Fund (PIF), The Red Sea Development Company is behind The Red Sea Project, a regenerative tourism destination that spans 28,000sqkm and features more than 90 islands along the kingdom’s west coast.
Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment and leisure facilities.
In a statement to Big Project ME, TRSDC said that the current main focus is on all the construction contracts related to the mono islands and inland resorts.
“The timber and stainless-steel orbs are already awarded, and we will be committing significant sums against MEP and infrastructure contracts in the coming months as well as Landscape. We are also starting to turn our attention to the Fit Out and FFE packages which may be worth mentioning as that shows real progress towards these trades that come in the latter stages of the build,” the statement said, adding that the developer’s procurement focus will now be shifting towards all the hotels on Shurayrah as it gets close to buying out the mono islands and inland resorts.
Furthermore, all of the tender lists will have a heavy contingent of KSA contractors, it concluded.