Saudi’s Red Sea Development to award contracts worth $267bln per month in next phase

Saudi’s Red Sea Development to award contracts worth $267bln per month in next phase

The Red Sea Development Co/, wholly owned by Saudi Arabia’s Public Investment Fund, is building the Red Sea Project, a 28,000 sq. km sustainable tourism resort featuring more than 90 unspoiled islands along Saudi Arabia’s west coast. By completion in 2030, it will consist of 50 hotels with 8,000 rooms and 1,300 residential properties. The first phase of 16 hotels across five islands and two inland sites will begin opening in late 2022. The destination will also include luxury marinas, golf courses and recreation facilities. In June, the company signed a contract with Al-Seef Group to manage the administrative, civil and commercial facilities for over 14,000 employees. In the same month, it appointed Dutch contractor Archirodon to build a 1.2-km bridge linking Shurayrah Island, one of 22 islands in an archipelago, to the mainland. Speaking at Dubai’s Arabian Travel Market in May, CEO John Pagano said the biggest challenge the developer has is not “messing up the place” and avoiding the “over-tourism” that has traditionally compromised nature-based tourist sites. “At the end of the day, our environment is our most valuable asset. It’s making sure that we balance the desire to build, and build it in a timely fashion, but