The Red Sea Development Company signed 600 contracts worth 17 billion riyals with local and international companies, and the Saudi companies' share was 70% of the total value of the awarded contracts, according to what was stated in The company's tweet on Twitter, confirming the company's commitment to supporting the local economy.
According to Arabiya Net, it is noteworthy that the Red Sea project has reached important milestones in its development work, and work is in full swing to receive guests by the end of 2022 with the opening of the airport. International and the first group of hotels.
All 16 hotels planned in the first phase will open by the end of 2023.
The Red Sea project, when completed in 2030, will consist of 50 hotels providing up to 8,000 hotel rooms and more than 1,000 residential properties spread over 22 islands and six inland locations. The destination will also include a luxury marina, and many recreational and recreational facilities.
The Red Sea Development Company is a closed joint stock company wholly owned by the Public Investment Fund in the Kingdom of Saudi Arabia. The company was established to lead the development of the Red Sea Project.
The project will be developed on an area of 28 thousand square kilometers of virgin land on the western coast of the Kingdom, and includes an archipelago containing more than 90 virgin islands, and the destination includes stunning mountains. dormant volcanoes, deserts, and cultural and heritage monuments, which also include hotels, residential units, and commercial and recreational facilities; In addition to infrastructure that depends on renewable energy and water conservation and reuse.
The development of the first phase is currently underway, which includes the completion of the necessary infrastructure, which will be completed by the end of 2023.
