Red Sea Development inks staff housing complex deal

Red Sea Development Co. (TRSDC) has signed a contract with a Saudi-UAE consortium to build a full-fledged staff housing complex at the Red Sea project site, the company said in a statement today.

The consortium included Saudi-based lmajal Alarabi Holding and UAE's Arco - Speed House.

Each company is expected to build 5,000 residential units over the next ten months. Around 10,000 workers will be initially accommodated in the project, while another complex will be built later this year to accommodate more 25,000. 

“Both companies will mostly depend on the readymade units, a new housing technique which saves time, eliminates the number of labor, and protects environment, in line with the company's sustainability goals,” the statement said.

The new complex, which will accommodate the company's or any third parties' staff, will be managed by TRSDC.

Earlier this month, the company signed a contract with Archirodon Group to build marine infrastructure for the 28,000 kilometers (km) project, Argaam reported.

TRSDC, owned by the Public Investment Fund (PIF), announced in February that it has started the preliminary phase of construction at the project.