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

RIYADH: The Red Sea Development Co. will award SR1 billion ($267 million) of contracts a month as it moves to the next phase, including resorts, villas and hotels, Chief Administrative Officer Ahmed Darwish told CNBC Arabia.

Until now the company has been focused on infrastructure and related equipment, which make up most of its completed projects, he said, without saying how long it would maintain the new pace of spending.

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.