SABIC affiliate, TRSDC sign MoU to explore possibility of steel supplies for tourism projects

steel products

Saudi Basic Industries Corp.'s affiliate, Hadeed, signed a memorandum of understanding (MoU) with The Red Sea Development Co. (TRSDC), to initiate discussions on the possibility of steel supplies and solutions for the Red Sea project and to set a framework for knowledge exchange, according to a company statement.

According to data compiled by Argaam, the Red Sea project, when completed in 2030, will consist of 50 resorts and hotels, providing up to 8,000 hotel rooms and about 1,300 residential properties, spread over 22 islands and six islands.

The destination will also include luxury marinas, golf courses, and many leisure and recreation facilities.

In February 2019, TRSDC announced the start of construction work in the initial phase. The first phase of the project includes 16 hotels, including 14 sea resorts and two resorts in mountainous and desert areas.

This will provide 3,000 hotel rooms on five islands, and entertainment facilities, with an international airport dedicated to the destination, and the necessary infrastructure that includes logistics facilities and services.