Saudi developer in talks with investors for mega Red Sea project

The Red Sea Development Company is currently in talks with a number of local and global investment companies, in addition to giant luxury tourism firms that are expected to participate in the development of the Red Sea project.

"The company is receiving funds from the Public Investment Fund (PIF), however, luring private sector investors is still an asset," CEO Ahmed Ghazi Darwish said in the company's suhur gathering on Wednesday.

The real estate developer is offering investments in the fields of hotels and residential compounds construction; operating the hotels; developing trade assets; and operating tourist destinations.

It also seeks public-private partnerships in the fields of infrastructure works in public facilities, renewable energy, water as well as sewage facilities, transport infrastructure facilities and the telecommunication networks, Darwish noted.

The company has allocated more than SAR 10 billion to developing, operating and managing the Red Sea project's first phase, Argaam reported in April.

Construction for the project’s Phase 1 began in February last year.

The planned Red Sea Project, to be built between the cities of Amlaj and Al-Jawh, will offer a nature reserve, diving in coral reefs and heritage sites.