Red Sea Development eyes signing 500 contracts for project’s first phase: CEO

Red Sea Development Company is working on signing more than 500 contracts in the coming period with leading Saudi and international firms to implement the first phase of its project, Al-Eqtisadiah reported, citing CEO John Pagano.

Bidding for the first phase tenders is now open on the company’s website, he said, noting that the phase is set to be finalized by the end of 2022.

With the data growing on daily basis, qualifying for the project does not guarantee future business. Yet, it is an important step for those willing to take part in developing the project, he said.

The company is now working on defining the required human resources, in cooperation with the public sector and leading education institutions in Saudi Arabia and abroad, in order to train a generation of highly skilled calibers, Pagano added.

In February, Red Sea Development, a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF), said construction works started in the project's phase one.  

In July, Red Sea Development signed a contract with a consortium of Saudi-based lmajal Alarabi Holding and UAE's Arco - Speed House to build a full-fledged staff housing complex.

It also signed a contract with Archirodon Group to build marine infrastructure for the 28,000 kilometers (km) project.