Red Sea Global (RSG) is set to achieve its plans to award $8bn of contracts across its Red Sea Project and Amaala developments this year.
Ben Edwards, group head of cost, commercial and procurement at Red Sea Global, said: “There has been $7bn awarded so far on the Red Sea Project and just under $3bn on Amaala. For 2023, there is a plan to do $8bn of procurement. We have placed $1bn so far this year and are well placed to achieve the $7bn remaining for 2023.”
There are typically about 20 works packages for each project. Both projects are located on the west coast of Saudi Arabia. The Red Sea Project is predominantly an island development, while Amaala is primarily a coastal development.
The Red Sea Project covers an area of approximately 20,000 square kilometres and includes 22 islands and six inland locations. The project will be developed in phases, with phase one expected to complete in 2024.
Phase one includes the delivery of 16 hotels and the international airport. This includes mirrored orbs that will form the hotel on Sheybarah Island. The overall completion of the masterplan is scheduled for 2030.
The Public Investment Fund (PIF) is RSG’s shareholder, and the decision to entrust the developer with the delivery of more projects reflects its progress on existing schemes.
