TRSDC — More than just a sustainable tourism site powered by green energy: Year in Review

TRSDC — More than just a sustainable tourism site powered by green energy: Year in Review
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Updated 06 January 2022

TRSDC — More than just a sustainable tourism site powered by green energy: Year in Review

TRSDC — More than just a sustainable tourism site powered by green energy: Year in Review
  • A growing public sector infrastructure also means new opportunities for local citizens

RIYADH: The Red Sea Development Co., known as TRSDC, made great strides in 2021 in its mission to build the world’s largest tourism spot powered by renewable energy on Saudi Arabia’s west coast.

The Kingdom’s Public Investment Fund-owned TRSDC was established in 2018 to drive the development of The Red Sea Project, known as TRSP. It is one of the key large-scale giga-projects announced by Crown Prince Mohammed bin Salman the year before.

Last month, a Saudi ACWA Power-led consortium secured $1.33 billion of financing to operate the renewable power-based multi-utilities infrastructure that will serve the site.

The multibillion-dollar project, based between the cities of Umluj and Al Wajh, covers 28,000 square kilometers — an area the size of Belgium — which includes over 90 untouched islands, miles of desert dunes and mountain landscapes. 

Alignment to Vision 2030

TRSP, as part of the Kingdom’s giga-projects, falls in line with its Vision 2030 roadmap that aims to diversify the economy and reduce reliance on oil. The plan seeks to boost tourism revenue from its current 3 percent to 10 percent of gross domestic product when it is completed in eight years. 

A growing public sector infrastructure also means new opportunities for local citizens. The company is set to create a significant number of jobs, aiming to employ around 60,000 people directly and a further 60,000 indirectly.

This will contribute toward the Kingdom’s plans to boost the Saudi job rate, and lift women’s participation in the workforce from 22 percent to 30 percent by 2030. 

TRSDC also partnered with the government’s Human Resources Development Fund last August to deliver high-quality vocational local training programs.

The move follows a series of previous steps taken by the company to lift local opportunities, such as a program to prepare 500 young Saudis for careers to support the eco-tourism complex. 

Besides shaping diverse professional development opportunities, TRSDC also expands social and economic opportunities for local communities such as advancements in agriculture through a partnership with social investment company Ethmar and charitable foundation Ghoroos, the company told Arab News.




TRSDC has a huge program to protect the sea turtles in the area where it builds the project. This turtle is now becoming an iconic figure for TRSDC. 

Contribution to Saudi economy 

The Red Sea project is expected to contribute as much as SR22 billion ($5.9 billion) to the Kingdom’s gross domestic product once completed.

It also aims to attract 1 million tourists a year, without compromising the region’s natural resources.

Environmental, Social, and Governance achievements 

The Red Sea Development Co. has achieved an overall score of 91 out of 100 in this year’s environmental, social, and governance assessment by the Global Real Estate Sustainability Benchmark, beating the score of 84 it accomplished in its first-ever assessment last year. 

This puts the company in the top 20 percent of organizations participating in this year’s assessment. 

In November 2021, the company was given the ESG Initiative of the Year award at The Chartered Governance Institute UK & Ireland’s 2021 Awards.

This followed TRSDC’s launch of its Good Governance Toolkit a month earlier to guide other organizations in Saudi Arabia on best governance practices. 

The company plans to hit a net positive conservation benefit of 30 percent by 2040 "by enhancing key habitats of coral, mangroves and seagrasses to allow biodiversity to flourish and to provide safe havens for rare species such as green and hawksbill turtles, sooty falcons,” it said.

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TRSP timeline 

The final quarter of 2023 will see the completion of the project’s first phase, which includes the building of 16 hotels with 3,000 rooms across five islands and two inland sites. This milestone will also see the development of air, land, and sea transport hubs.

Recently, the company announced the signing of a deal to operate nine hotels that are set to open in the first phase, with five of them opening in 2022.

The plan will see the site host a luxury marina, an 18-hole golf course, leisure facilities, and an international airport that is expected to serve up to one million passengers by 2030. The hub was officially registered with the International Air Transport Association in December. 

Once complete, TRSP will feature as many as 50 hotels with 8,000 hotel rooms and 1,300 residential properties across 22 islands and six inland sites. 

The developer of the project has so far handed out over 800 contracts worth over SR18 billion up to November. 

What’s ahead in 2022?

Apart from welcoming its first visitors in the last quarter of next year, the Red Sea Development Company aims to raise as much as SR10 billion in green financing for Amaala — another luxury tourism site being developed along the northwestern Red Sea coastline — which was recently merged with the company. 

Amid the uncertainty produced by the pandemic, TRSDC has performed strongly, marking significant milestones as it moves toward driving the Kingdom’s tourism sector to new heights.


Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
Updated 23 January 2022

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
  • The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah said

RIYADH: Kuwait Foreign Petroleum Exploration Company, or Kufpec, has discovered natural gas and a light form of oil in Indonesia. 

Kufpec, which is a unit of Kuwait’s state energy company, made the discoveries “through the successful drilling of the Anambas-2X well” in 288 feet (88 meters) of water, Bloomberg reported.

The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah told Annahar on Sunday.

He added all the discoveries are owned by the company as it is the operator of the project, and it was its first discovery at an offshore block that it operates.

Kufpec started its operation in 1981, known as an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside Kuwait.

 


TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell
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Updated 23 January 2022

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

RIYADH: Saudi stocks fell on Sunday as weak earnings data weighed on investor sentiment and losses hit some of the Kingdom’s major stocks.

TASI dropped 1.2 percent, snapping its ten-day winning streak, to close at 12,140 points, and the parallel Nomu market slipped 1.4 percent to 25,707 points.

The Kingdom’s dairy giant, Almarai Co., lost 2.4 percent after leading the losses earlier this morning.

The diary giant earlier posted a 21 percent decline in profit in 2021 as pandemic and value-added tax adversely impacted revenues.

Shares in Saudia Dairy and Foodstuff Co., or SADAFCO, also fell 1.3 percent in response to weak earnings data. Profits dropped by 29 percent during the nine months ending Dec. 31, 2021.

The $1.95 trillion oil giant Saudi Aramco edged down almost 1 percent, and fertilizer firm, SABIC Agri-Nutrients, closed 3 percent lower.

Stocks in the financial sector further weighed on TASI, including Al Rajhi Bank, the Saudi National Bank, SNB, and Alinma Bank, all down between 0.7 and 0.8 percent.

Etihad Atheeb Telecommunications Co. led the gainers, up 6.6 percent, while Saudi Research and Media Group was the highest faller, down over 3.7 percent.

Saudi information technology firm Al Moammar Information Systems Co., MIS, saw a 0.8 percent decline in its share price.

MIS has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co. for cloud hosting and data center services.

In energy trading, In energy trading, oil prices brought to an abrupt end the seven-year high on Friday as higher inventories of US crude and fuel prompted profit-taking.

Brent crude oil reached $87.9 per barrel, and US benchmark WTI crude oil settled at $85 per barrel.


Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris
Image: Shutterstock
Updated 23 January 2022

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris
  • EgyptAir aims to reduce the use of single-use plastic materials on its flights by 90 percent

Cairo International Airport launched Africa’s first test flight with environmentally friendly services on board to Paris, led by EgyptAir. 

The Boeing 787-9 Dreamliner was led by the Egyptian minister of civil aviation and had 219 passengers onboard.

The flight coincides with the ministry of aviation's celebration of the 92nd National Day of Egyptian Civil Aviation, which falls on Jan. 26 of each year.

Mohamed Manar said the success of the environmentally friendly trip comes in line with the ministry of aviation’s plan to confront the effects of climate change.

EgyptAir aims to reduce the use of single-use plastic materials on its flights by 90 percent. 

It identified 27 products made of single-use plastic that were used on planes and replaced them with environmentally friendly products.

The Egyptian airline has set out a timetable for all flights to Europe with environmentally friendly products and services by 2025, to be circulated to all airline network flights, Amr Abol-Enein,  the head of the holding company for EgyptAir, said


Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’
Updated 23 January 2022

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

RIYADH: A five-million-square-meter beach in Saudi Arabia’s Eastern Province has been sold for over SR4 billion ($1 billion), in what was described as one of the largest real estate transactions in the Kingdom. 

Saudi Real Estate Contributions Commission, known as Tasfiah, has concluded the sale of the Al Qatif beach in a public auction in the governorate of Al Khobar, the Saudi Press Agency reported. 

The beach covers more than 5 million square meters on Tarout Island, one of the oldest settlements in the Arabian gulf. 

Tasfiah has so far reached a total of SR15 billion as a return to shareholders through its public auctions and sale of land contributions. 


Saudi shipping firm Bahri starts operations of $203m floating desalination project

Saudi shipping firm Bahri starts operations of $203m floating desalination project
Updated 23 January 2022

Saudi shipping firm Bahri starts operations of $203m floating desalination project

Saudi shipping firm Bahri starts operations of $203m floating desalination project
  • Bahri said the project is expected to be finalized by the fourth quarter of 2022

RIYADH: A Saudi-based provider of logistics and transportation services, Bahri, has started trial commissioning of the first floating desalination plant under its SR760 million ($203 million) deal with Saline Water Conversion Corp., or SWCC.

The plant is located near the port of Al Shuqaiq on the Western coast of the Kingdom, Bahri said in a bourse statement on Sunday.

Signed in 2019, the deal involves establishing three floating plants, to supply and transfer desalinated water from the stations to desalination tanks.

Each station will have a capacity of 50,000 cubic meters per day with a total capacity of 150,000 cubic meters a day. 

Bahri said the project is expected to be finalized by the fourth quarter of 2022 and attributed the delay in commercial operations to COVID-19 constraints.

Established in 1978, Bahri is a joint venture between Saudi Aramco and the Public Investment Fund. It owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.