TRSDC to award monthly contracts worth SAR 1 bln over next 18 months: Pagano

John Pagano, CEO, The Red Sea Development Co.

The Red Sea Development Co. (TRSDC) will award contracts at an estimated value of SAR 1 billion per month in the Red Sea project over the 18 coming months, and until the project completion, Chief Executive Officer (CEO) John Pagano told Argaam.

The Red Sea tourism development project has reached an advanced stage as the company looks forward to open the first three hotels by 2022-end, Pagano said on the sidelines of the fifth edition of the Future Investment Initiative (FII) conference.

The remaining 16 hotels are set to open doors by the end of 2023, he added.

TRSDC signed more than 800 contracts worth SAR 20 billion with several companies, Pagano said on Oct. 27.

The first phase of the mega Red Sea project will see the development of 16 luxury hotels, 11 island resorts and two inland resorts, Argaam reported.

In February 2019, TRSDC commenced the initial work of the project. On completion of all phases, 22 islands will be developed out of over 90 islands, creating over 70,000 job opportunities.