Eight-hundred contracts worth some $5.2bn have already been awarded on Saudi Arabia’s massive Red Sea Project, but procurement continues apace with around $400m awarded every month as a workforce of 14,000 and rising works to turn the Kingdom into a global luxury get-away destination.
These and other eye-popping stats were relayed this week by project boss Ian Williamson of developer, The Red Sea Development Company (TRSDC), at the inaugural Global Construction Summit organised by the Chartered Institute of Building (CIOB) and Global Construction Review in association with Glodon, PlanRadar and Trimble Viewpoint.
When complete in 2030, The Red Sea Project will comprise 50 resorts on the country’s pristine Red Sea coast, including some 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites.
Complete with its own international airport, the scheme will include luxury marinas, golf courses, entertainment and leisure facilities. Work is on track to welcome the first guests by the end of 2022.
In terms of construction supply-chain opportunities, to date, some 800 contracts, amounting to some $5.2bn (19.5bn riyals), have already been awarded, Williamson said, with around 65% going to Saudi companies. Procurement continues, with contract awards on Red Sea and a separate tourism development to the north, Amaala, amounting to some $400m (1.5 billion riyals) a month. This was against the backdrop of other Saudi giga projects representing trillions of dollars in spending over the coming 10 years.