Saudi-Pakistan Investment Forum discusses boosting trade and investment partnerships    Crown Prince concludes MEGISummit: We will work seriously to achieve our goals    EXIM Bank signs MoU with Japanese Sumitomo Mitsui Banking Corporation    Saudi Pavilion at EXPO 2020 marks 76th anniversary of UN establishment    Greece premier praises importance of Middle East Green Initiative Summit    Saudi Arabia calls for restraint, de-escalation in Sudan    Riyadh Season hosts Barcelona and Boca Juniors on Maradona Cup night    Monshaat partners with MITEF Saudi & Arab Startup Competition    HSBC CEO — 2021 set to be first trillion-dollar year for green bonds    Riyadh dominates GCC rankings in human capital    All eyes on Jeddah! World's best golfers set for climax of Aramco Team Series    Crown Prince launches series of regional initiatives for climate action at MEGI Summit Ushering in a new green era for Mideast region    WFP's Beasley lauds Saudi Arabia's role in providing aid to millions around the globe    RedSeaIFF announces best short films by emerging Saudi filmmakers 15 shorts make up New Saudi/New Cinema slate    Pakistan hammer India by 10 wickets to clinch T20 win    Michael Jordan's trainers sell for record $1.47m at auction    China postpones Beijing marathon due to Covid surge    US actor James Michael Tyler dies aged 59    Bride's fingerprint not required in revised e-marriage contract    'Easy On Me': Adele returns to UK number one    'Be a Star' — WWE stars fight cyberbullying in Riyadh    Bollywood superstar's son denied bail in drugs case    Saudis, expats mourn death of prominent Filipino preacher in Riyadh    Bollywood actor Sidharth Shukla dies at 40    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    Weather Forecast for Sunday    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



The Red Sea Development Company celebrates milestone moment as SAR 7.5bn worth of contracts are signed to date
Published in Saudi Press Agency on 01 - 11 - 2020

The Red Sea Development Company (TRSDC), the developer behind Saudi Arabia's flagship international regenerative tourism initiative The Red Sea Project, today announced it had awarded to date more than 500 contracts to international and local firms.
Collectively worth around SAR 7.5 billion ($2bn), these include awards for the design, build and operation of state-of-the-art accommodation and facilities at the destination.
"This significant landmark underscores the scale of our project and the remarkable progress made to create the destination of the future. TRSDC is a contributing factor to the growth of the Saudi Arabian economy and is playing a pivotal role in its Vision 2030 plan. I am honoured to be able to showcase the incredible advances our brilliant team and partners have achieved towards making our vision a reality," said John Pagano, CEO of TRSDC.
Since the company's inception in 2017, over 70 percent of the total value of contracts has been awarded to Saudi firms, highlighting TRSDC's commitment to strengthening the local economy. Overall, more than 500 contracts have been awarded to companies from 24 countries, which is indicative of the scale of the project and the international expertise required to create the unique destination.
Work on the destination's transport links is well underway and includes developing 80km of roads, highways and junctions to connect the destination, and the new international airport.
Archirodon is constructing a crossing linking Shurayrah Island (the destination's main hub) to the mainland and is constructing a number of jetties. Meanwhile, Saudi Amana Contracting has delivered the first volumetric prefabricated units, which were built in a newly established facility in Saudi Arabia. These units will form part of the Coastal Village development, a new town set to house the 14,000 staff who will operate the destination once complete.
The development of the Construction Village, which will be home to 10,000 construction workers, is nearing completion with all 1,876 cabins built off-site, delivered and assembled. While the onsite landscape nursery, which spans over one million square meters, is fully operational and set to deliver upwards of 15 million plants.
In July this year, TRSDC signed its largest contract to date for airside infrastructure works for the destination's international airport, set to open in 2022. Awarded as a joint venture to two leading Saudi contractors, Nesma & Partners Contracting Co. Ltd and Almabani General Contractors, the contract symbolizes another significant step in progress, while demonstrating TRSDC's ongoing commitment to creating opportunities within the Saudi Arabian construction sector.
In addition to working with international and local companies, TRSDC has also forged partnerships with universities and ministries, as well as leading scientific and academic institutions.
The company worked with King Abdullah University for Science and Technology (KAUST) on an ambitious Marine Spatial Planning (MSP) program to map out land and coral reef conservation areas at the site. This exercise informed the Concept Master Plan which predicts a 30 percent net conservation benefit by 2040, showcasing TRSDC's commitment to setting new standards in regenerative sustainability.
TRSDC is a standard-bearer in luxury ecotourism, with the goal of becoming the first global destination to demonstrate a regenerative tourism approach on this scale.
TRSDC is working to establish the largest marine protected area in the Middle East, which will be just under 5,400 square kilometers. TRSDC also plans to implement a number of innovative methods to sequester carbon, including increasing the size of mangrove habitats across the destination, direct air capture and establishing marine algae farms.
In addition to manufacturing off-site, TRSDC uses eco-friendly, sustainable ‘green' concrete on-site in order to minimize emissions throughout the construction process.
"All of our world-class partners are carefully selected and are truly aligned to our sustainability and business principles. One of the things that makes The Red Sea Development Company so special is our unwavering commitment to regenerative sustainability. Taking just a sustainable approach isn't enough. We want to enhance the destination for generations to come," Mr. Pagano added.
By the end of 2020, many more contracts will be awarded including for the airport terminal, an airport operator, and a major public-private partnership (PPP) utilities package that will secure 100 percent renewable energy generation, water desalination, waste treatment and district cooling. Together, these contracts will take aggregate commitments to a total approaching SAR 15 billion ($4 billion).
The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. The remaining 12 hotels scheduled for completion in Phase One will open in 2023, delivering a total of 3,000 rooms across five islands and two inland resorts.


Clic here to read the story from its source.