Saudi Arabia's The Red Sea Development Company (TRSDC) has awarded over 1,250 contracts worth more than $8bn across its megaproject developments in the kingdom.
According to the Investment Highlights Q2 2022 report by the Ministry of Investment, over $6.66bn worth of contracts have been awarded on the Red Sea project alone.
"What has made things particularly interesting is that phase one is already more than 50 percent complete and several key assets are fully operational, including a four-star management hotel, on-site offices, and the largest landscape nursery in the region," TRSDC's CEO John Pagano said in the IHL report.
TRSDC is overseeing the Amaala and Red Sea projects, which form an integral part of the Saudi Vision 2030 program.
On completion, TRSDC is projected to contribute an estimated $8.8bn to the kingdom's economy, as well as provide 120,000 direct, indirect and induced jobs in sectors including construction, hospitality, transport and smart tech.