The Red Sea Development Company (TRSDC) expects to have awarded close to SR15bn ($4bn) of contracts for work on The Red Sea Project on the west coast of Saudi Arabia by the end of this year.

The developer said in a statement that contracts due to be awarded by the end of 2020 include the construction of the airport terminal, the appointment of an airport operator, and a public-private partnership (PPP) utilities package.

So far, TRSDC has awarded more than 500 contracts with a total value of SR7.5bn ($2bn).

“This significant landmark underscores the scale of our project and the remarkable progress made to create the destination of the future," said John Pagano, CEO of TRSDC.

"TRSDC is a contributing factor to the growth of the Saudi Arabian economy and is playing a pivotal role in its Vision 2030 plan. I am honoured to be able to showcase the incredible advances our brilliant team and partners have achieved towards making our vision a reality.”

As part of its commitment to support the local economy, more than 70 per cent of the total value of TRSDC's contracts has been awarded to Saudi firms.  Overall, more than 500 contracts have been awarded to companies from 24 countries.

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